Litecoin Price Prediction – May 29
The Litecoin price is currently changing hands at $174.17 as the technical indicator Relative Strength Index (14) gets ready to cross 40-level.
Resistance levels: $260, $280, $300
Support levels: $90, $70, $50
LTC/USD is currently trading at around $174 and once it manages to surpass the potential resistance of $200, the next target may be located at $230 where it touched a couple of weeks ago. However, a breach from here may send the price straight to around $120 as the last 48-hours surge is supported at the $150 support level. Therefore, if this level fails to hold strong, the Litecoin price could slip back below the lower boundary of the channel.
Litecoin Price Prediction: What to Expect from Litecoin
Looking at the current market movement, traders can see that Litecoin bulls are now coming back into the market. Moreover, if the bulls put more effort and push the market price above the 9-day and 21-day moving averages, then LTC/USD may likely hit the resistance levels of $260, $280, and $300 respectively. In addition, any further movement above these key resistance levels may likely encourage more buying.
However, a break below the lower boundary of the channel may provoke a deep decline towards the critical supports at $90, $70, and $50. Meanwhile, looking at the technical indicator Relative Strength Index (14), Litecoin may exhibit the tendencies to follow an upward trend as the coin prepares to cross above the 40-level which may cause the market to remain stable at the average.
When compares with Bitcoin, the Litecoin price is currently crossing above the 9-day moving average in other to reach the resistance at 5000 SAT. Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect the long-term bullish reversal.
However, trading below the lower boundary of the channel could refresh lows under 3900 SAT and a possible bearish continuation may likely meet the major support at 4000 SAT and below while the buyers may push the coin to the potential resistance at 5800 SAT and above. More so, the Relative Strength Index (14) moves above 45-level, suggesting more bullish signals.