LTC Price Prediction – May 1
The Litecoin price escalates but a break above $240 is expected to pull the coin towards $250 in the coming trading sessions.
Resistance levels: $320, $340, $360
Support levels: $210, $190, $170
LTC/USD is seen trading around the resistance level of $272.92 after touching the daily high of $275.17 in the early hours of today. This is a move that could easily pave the way for gains above $280 and towards $300. Therefore, if the technical indicator RSI (14) crosses above the 60-level, the market may show that the bullish grip is getting stronger.
What to Expect from Litecoin (LTC)
The Litecoin is currently holding the ground at above the 9-day and 21-day moving averages after a major recovery from $271.60. This shows that buyers may continue to have the upper hand in the price movement and they could easily push the coin towards the potential resistance of $320, $340, and $360. In other words, if the buying action fails to break above $280, then LTC/USD could instead settle for consolidation.
However, any breakout above the upper boundary of the channel is still having an impact on the price. Furthermore, it is about time that buyers increase their confidence in the recovery because $300 is still achievable. Therefore, if the bears push the coin below the moving averages, the support levels of $210, $190, and $170 may be reached.
Against Bitcoin, the LTC price remains above the 9-day and 21-day moving averages as the 9-day MA is ready to cross below the 21-day MA. Meanwhile, if the market price eventually remains and closes above moving averages, traders might expect a long-term bullish movement.
On the other hand, any bearish movement towards the lower boundary of the channel may likely meet the major support at 4200 SAT before falling to 4000 SAT and below while the buyers may need to push the market to the potential resistances at 5500 SAT and above as the technical indicator RSI (14) is likely to cross above 60-level to give more bullish signals.