Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Ranging

Resistance: $120.5, $120, $119.5

Support: $117,5, $118, $118.5

Yesterday, May 31st, the price of Litecoin was not able to make a comeback to the price at $120. The price of the asset was also ranging from the resistance level at $125 to the support level at $110. Yesterday, breakout trading was adopted for traders who wished to trade the outcome of any breakout. A pending order should be placed to await the outcome of any breakout.

A buy stop should be placed at the resistance level of $125, whereas a sell stop should be placed at the support level of $110. Litecoin is currently trading at $117.96 as at the time of writing. Today, looking at the weekly chart, the asset is still below the price of $120 and there was no significant price movement from the previous day. The price of Litecoin may reach the high of $130 if the resistance at $122 is broken.

Meanwhile, the MACD line and the signal line are above the zero line indicating a buy signal. The price of Litecoin is above the 12-day EMA and 26-day EMA indicating that bullish trend is ongoing.

LTCUSD Short-term Trend: Ranging

Litecoin, LTCUSD, CryptoCompare chart

On the daily chart, the price of Litecoin is in a ranging market. The ranging market has a choppy price action. Meanwhile, on the daily chart, the MACD line and the signal line are above the zero line indicating a buy signal

 

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