LTC Price Prediction – May 6
Litecoin (LTC) saw a sharp price decline of around 6.08% at the time that the market opens and it currently trades at $334.75.
Resistance levels: $400, $420, $440
Support levels: $300, $280, $260
After touching the daily high of $365.20, LTC/USD is now hovering at $334.75 where it is currently trading. However, the tremendous loss in the price is indicating a delayed recovery. However, LTC/USD has given some great results in the past but the coin is speculated to retain the same momentum in some time. The current market pressure may need to take a while, but once it is lifted, the coin could once again shine.
Where is LTC Price Going Next?
If the nearest support of $330 gives way, the sell-off may come to play and it may be extended towards the psychological $320 and also $310. At the moment, the bearish scenario may be more dominant if sellers continue to post firm commitment as the RSI (14) is now showing a downward trend, indicating the latest selling pressure on the market.
More so, we could see a sharp drop below the 9-day and 21-day moving averages. Breaking this barrier could further weaken the market to $300, $180, and $160. In other words, a higher possible swing may likely retest the previous resistance levels above the upper boundary of the channel. Meanwhile, if buyers manage to fuel the market again, traders may expect a further increase to $400, $420, and $440 resistance levels.
Against Bitcoin, the price of Litecoin is clearly experiencing difficulties as the coin is trading towards the 9-day and 21-day moving averages and may continue to fall through subsequent support level to 6000 SAT while the critical support level is located at the 5500 SAT and below.
However, if the bulls manage to power the market, traders may likely find the resistance level at 6800 SAT and above. Moreover, the Litecoin (LTC) price is currently changing hands at 6001 SAT and a surge in volatility may occur as the RSI (14) may cross below the 70-level.
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