Litecoin Price Analysis – May 16

LTCUSD Medium-term Trend: Bearish

Resistance: $160, $155, $150                                                                                                                             

Support: $130, $135, $140       

Yesterday, May 15, Litecoin price was ranging from the resistance level at $150 to the support level at $140. The price also broke the trend line and the candlestick closed on the opposite side of the trend line. It ranged between the $150 and $140 levels. Today, the asset price broke the support level at $140, and it is currently trading at $136.80.

However, the weekly chart shows the price below the trend line, despite breaking it and proceeding on a range bound movement; and reversing to break it the second time. If the price continues to fall, Litecoin will find support at the $134 and $130 lows. Meanwhile, the relative strength index period 14 is level 18, indicating that the asset is oversold and suggesting the bulls will take control of the market.

LTCUSD Short-term Trend: Bearish  

Litecoin, LTCUSD, CryptoCompare chart

The daily chart shows the price in a Bearish market. Litecoin is in a smooth downtrend, making a series of lower highs and lower lows. A trend line is drawn, showing the resistance levels where traders can place their short trades.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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