LTC Price Prediction – May 10
Looking at the daily chart, we can see that the Litecoin price is ready for a short-entry level near the $350 level.
Resistance levels: $440, $450, $460
Support levels: $320, $310, $300
At the time of writing, LTC/USD is seen hovering towards the 9-day and 21-day moving averages as the technical indicator RSI (14) slides below the 70-level. Meanwhile, a decreasing volume index also suggests a breakdown but a death cross is likely to come into the picture if the red line of the 9-day moving average crosses beneath the green line of the 21-day moving average in the daily chart.
What is the Next Direction for Litecoin?
With the look of things, as the coin moves toward the 9-day and 21-day moving averages, supports are expected at $350 and $340 respectively. The RSI (14) is currently flashing a sell signal aiming to leave the overbought zone which may be adding weight to the bearish outlook. Furthermore, if the 21-day moving average applied to this chart, turned into the support area for this coin, then, the declines are unlikely to extend below $300.
More so, should in case the daily bearish candle closes below $330, there is a high probability that the price may reach the support levels of $320, $310, and $300. Moreover, if the Litecoin bulls push the price above the channel, an increase in buy orders might create enough volume to support gains beyond $415. Any further bullish movement may reach the resistance levels of $440, $450, and $460 respectively.
Comparing with Bitcoin, LTC performance has been very low due to a bearish recurring. The pair is moving towards the 9-day moving average and crossing below it may likely see cause another sharp drop at 6000 SAT support level. Breaking this level could further drag the market to the nearest support levels at 5900 SAT and below as the Relative Strength Index (14) is moving below 80-level; possible selling pressure is likely if it continues to drop.
However, LTC/BTC is currently changing hands at 6582 SAT but if the bulls can hold the price tight and push it above the upper boundary of the channel, the next key resistance could be at 7000 SAT and 7200 SAT respectively. Reaching these levels might move it to the potential resistance at 7300 SAT and above.