LTCUSD Medium-term Trend: Bearish
Resistance: $117, $116, $115
Support: $111, $112, $113
Last week, the LTCUSD pair was trading above the price of $100 all through the week. The price of Litecoin has a bearish outlook; the asset fell from the high of $138.49 to the low of $120.83. On May 23rd the price of Litecoin had a bearish breakout that broke the support level at $130. It was assumed that if the price broke the support level at $130, the asset would fall to the low of $115. However, the bearish pressure is ongoing.
Presently, Litecoin is trading at $113.49 as at the time of writing.Today, from the weekly chart, the price of Litecoin has fallen again from the high of $120 to the low of $110. THe price of the asset is likely is reach the low of $99 of December 7, 2017. Meanwhile, the relative strength index period 14 is level 27 indicates that the market is oversold – suggesting that bulls will take control of the market.
LTCUSD Short-term Trend: Bearish
On the daily chart, the price of Litecoin has a bearish outlook. The asset was ranging between the levels of $119 and $117 before it fell to the low of $114. The support levels will be breached if the downtrend continues.
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