Technical Analysis for LTCUSD for 3rd May 2023
Litecoin Down 14%, LTC in a $10 Range
Past Performance of LTC
Litecoin prices are higher when writing but remain under pressure. As an illustration, the coin is within the bear bar of April 26, and trading volumes are low. At the same time, prices are anchored by the bear bar of April 19 that continues to shape the current formation. Support lies at around $85 while resistance is at $95, or April 16 highs.
Litecoin Technical Analysis
Sellers are in charge of a 54% surge from mid-March 2023. For now, LTC is down 14% from April peaks, and more could be on the horizon. Notably, the coin is in range inside a tight $10 zone. Because of this, price action suggests that sellers are in control, provided prices are below $95. Meanwhile, a clean breakout below $85 will confirm losses of April 19. The emerging trend would shape the short-term trend as LTC would likely flash crash to $70 in a retest.
What to Expect from LTC
The present consolidation validates the downtrend since buyers are yet to reverse losses of the second half of April. As prices move sideways, the odds of the coin dipping below $85 is amplified.
Resistance level to watch: $95
Support level to watch: $85
Disclaimer: Opinions expressed are not investment advice. Do your research.
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