Litecoin Price Analysis – May 24

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LTCUSD Medium-term Trend: Bearish

Resistance: $126, $124, $122                                                                                                                           

Support: $114, $116, $118     

The LTCUSD pair was in a bearish trend yesterday. The asset was ranged bound between the f $150 and $130 levels. At the time, the asset had a bearish breakout at the $130. From yesterday’s analysis, if the downtrend continued the asset could fall to a low of $115. Litecoin is currently trading at $121.43. From the weekly chart, the downtrend is ongoing.

The price of the asset has fallen to the low of $120. The bears have been resisted at this level twice. If the downtrend continues, the price of the asset will reach a low of $115. A bearish trend line has been drawn to determine the end of the bearish trend. Assuming the resisted price continues to range and break the trend line and the candlestick closes on the opposite side of the trend line, we can assume that the downtrend is over.

Meanwhile, if the downtrend is over, the level at $120 will be holding and the advice is to take long trades. Also, in addition, a stop loss should be placed at $115.

LTCUSD Short-term Trend: Bearish  

Litecoin, LTCUSD, CryptoCompare chart
On the daily chart, the price of Litecoin is in a bearish outlook. Its price fell from the high of $126 to $118, At this price, the asset was resisted and repelled twice. It is now in a range bound movement.

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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