On the 16th of May, the value of Litecoin had a bearish outlook. It was assumed that if the digital currency continued its downward movement, it would have found support at the $130 or $140 levels. The Relative Strength Index (RSI) period also showed that the digital currency was oversold, indicating that the market will be taken over by the bulls.
The Price Analysis and Current Value of Litecoin
At the time of writing, the value of the digital currency is $138 after a 0.8 percent increase. The value of Litecoin is bound within a range because of the support level at $130.00 and the resistance level at $150.00. On May 15, bulls approached the level of resistance but were resisted at the $152 mark, which makes the value of the digital currency declined to the low of $136.
Nevertheless, if the value of Litecoin exceeds the resistance level, the cryptocurrency will get back to the high of $160 and face a new resistance level at the $168 mark. On the other hand, if the value drops below the $130 support level, the value of the coin will fall to the low of $120. Meanwhile, the RSI period is at level 51, suggesting that the value of the digital currency is in the range bound zone.
The Short-Term Trend of LTC against USD
The range of the cryptocurrency is between the levels of $137 and $141. This is a great trading setup. For someone that has been following the market from its inception, you will definitely want to take a short trade at the level of resistance and exit close to the support level. For short trades, make sure your stop loss is placed above the resistance level, while for long orders, your stop loss should be placed below your support level.