LTC Price Analysis May 15th: Just broke resistance at $95, joins Altseason

15 May, 2019
by David Borman
Price Analysis
LTC Price Analysis May 15th: Just broke resistance at $95, joins Altseason

Although the whole market has been rising more or less steadily, some coins have been lagging behind. Litecoin (LTC) was part of this group, until just hours ago when the price managed to break key resistance at $95 and surge to over $100. Can it hold this level and carry on? Let's take a look.

Highlights:

- Just broke $95 and has officially joined "Altseason."

- Price got stopped out as we approached $105 but it appears support is forming on $101.

- If we can rally and push up, next resistance is $110.

- Losing $100 would likely find us falling back to $95.

Starting on the 1 hour, we can see that although the price failed to keep moving up, it does appear that we are finding support above $100, in fact $101. The RSI is a bit high, about 74, so upward momentum may be difficult and we might hold on support for at least a little while.


LTC/USD Chart provided by Tradingview

Moving to the Daily, we can see that if we do make a further push upward, the next serious resistance comes in at $110. Here again, the RSI is on the high side of things. This doesn't exclude the possibility of more upside, but it does mean we are a bit oversold.

Bull Scenario: If we can get more momentum, a push up to test $110 could be possible in the coming hours. Failing that, we would hope to at least see consolidation above $100 hold so that in the coming days we could make a similar push.

Bear Scenario: Should support fail at $100, more than likely we would tumble back down to $95. Due to the combination of decent historical resistance here, which should become support in the opposite direction, as well as the rising line of support that Litecoin had been riding for some time, it seems likely we would hold $95 as our new bottom.

Overall the sentiment in the market is very strong, which makes for a good case that Litecoin will continue to climb upward, even if in small steps. Will we see $110 today or tomorrow? Stick with Chepicap for all updates!

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