LTCUSD Medium-term Trend: Bullish
Resistance: $126, $124, $122
Support: $114, $116, $118
The Litecoin price was in a bearish market. On 27 May, the asset fell from $120 to $113. The asset's price level was sustained above $110 for four days in a range-bound movement. Litecoin was trading at $119.80 at the time of writing. However, as shown in the weekly chart, the asset made a bullish movement to $120.
The Litecoin price also broke the bearish trend line and the candlestick closed on the opposite of the trend line. The asset started a range-bound movement after the bullish trend. The implication is that Litecoin's bearish pressure may have ended. Litecoin traders can initiate long positions above $120 as soon as the price stabilises. Meanwhile, the relative strength index period 14 is level 42, indicating that the price is in a range-bound zone.
LTCUSD Short-term Trend: Bullish
The daily chart shows that the Litecoin price made a bullish movement. The asset rose at $112 and later made a bullish movement to $122 when it resumed its range bound movement.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.