Litecoin Price Analysis – June 6

Azeez Mustapha
  • The LTCUSD pair is trading above the $120 price level which is a vital support level.
  • Traders may want to initiate long trades above this level, and put a stop-loss below it.

LTCUSD Medium-term Trend: Bearish

Resistance: $122, $123, $124

Support: $120, $119, $118

Yesterday, June 5, the price of Litecoin was in a bearish trend. The MACD and signal lines were below zero indicating a sell signal. However, the 12-day EMA and 26-day EMAs were above the price of the asset which indicated that bearish pressure was set to continue. Litecoin is currently trading at $121.42. From the weekly chart, the price of Litecoin is now in a bullish trend.

The LTCUSD pair is now trading above the $120 price level which is a vital support level. Traders should initiate long trades above this level, and a stop loss below it. Meanwhile, the MACD and the signal lines are above zero indicating a buy signal for the asset. Also, the price of Litecoin is above the 12-day EMA and 26-day EMA indicating that a bullish trend is ongoing.

LTCUSD Short-term Trend: Ranging

Litecoin, LTCUSD, CryptoCompare chart

On the daily chart, the price of Litecoin is in a range bound movement. The asset had a bullish movement at $117. Then at that price it soared to ahigh of $120, and later resumed its range bound movement

 

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