Litecoin Price Analysis - February 28

Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Bearish

Resistance: $220, $218, $216

Support: $208, $210, $212

The LTCUSD pair has been in horizontal movement for some days. The pair is now in a bearish outlook because the moving averages are above the candlesticks.That is the reason why the price has fallen to $211.97 at the time of writing. The 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is level 57 indicating that the average gains are higher than average losses.

It also means that the price is in the sideways zone.Traders can take a long trade at the support level of $212 if the price is stable. You can exit your trades near the resistance zone of $220. The resistance level has been tested for about five times.

LTCUSD Short-term Trend:  Bearish

Litecoin, LTCUSD, CryptoCompare chart

In the short term trend the market is bearish. The LTCUSD pair has been in horizontal movement before price began to fall. The RSI period 14 is level 10 meaning that the market is oversold suggesting that the bears should take control of the market. If the price does not rally then traders can take long trades and exit near the resistance zone. The support levels have been breached.