Market Insights
Back
May 8, 2020
LTCUSD neutral trading bias
Litecoin is struggling to move higher on the cryptocurrency market this week despite the ongoing powerful upside breakout in Bitcoin. Short-term technical analysis still indicates that the LTCUSD pair could rally towards the $58.00 area if the $50.00 level is breached. To the downside, sustained weakness failure below the $45.00 support level may cause LTCUSD traders to turn bearish and target the $36.50 level.
-
The LTCUSD pair is only bullish while trading above the $45.00 level, key resistance is found at the $50.00 and the $58.00 levels.
-
If the LTCUSD pair trades below the $45.00, sellers may test the $40.00 and $36.50 support levels.