Technical Analysis for LTCUSD for 24th May 2022
Litecoin in a $10 Range, LTCUSDT Resistance at $73
Past Performance of LTC
Litecoin is up three percent at press time and break-even versus the USDT in the past trading week. LTCUSDT prices are trending inside a narrow $10 range with caps at $73 and $63, respectively. Although there are hints of strengths, the failure of Litecoin bulls to conclusively close above $83 and the middle BB points to weakness.
Litecoin Technical Analysis
LTCUSDT prices are within a tight consolidation with resistance at $73. Even though these are higher highs versus the lower BB, suggesting bullish momentum, sellers are in a commanding position. Notably, LTC prices are still in a bear breakout following losses below Q1 2022 lows. Additionally, Litecoin is capped within May 11 and 12 bear candlesticks. Overall, this is bearish from volume analysis. In the short term, sellers may unload on pullbacks towards $73.
Meanwhile, risk-averse can wait for a breakout formation to load, especially if prices surge above $73 and 83. Conversely, dips below $66 may heap more pressure on LTC. In that case, the coin may dump back to 2022 lows at $53.
What to Expect from LTC
Litecoin is under immense selling pressure. Despite higher highs, the coin is capped to the upside at $73 by the flexible resistance line set by the middle BB.
Resistance level to watch: $73
Support level to watch: $63
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