Litecoin Price Analysis – June 7

Azeez Mustapha
  • The Litecoin price was sustained above $120.
  • The MACD line and the signal line are above the zero line indicating a buy signal.

Litecoin, LTCUSD, CryptoCompare chart

LTCUSD Medium-term Trend: Bullish

Resistance: $122, $123, $124

Support: $120, $119, $118

Yesterday, June 6, Litecoin was in a bullish trend. The asset price was trading above $120. Traders were advised to initiate long trades above $120 and, at the same time, put a stop loss below the support level. Meanwhile, the MACD line and the signal line were above the zero line, indicating a buy signal..

In addition, the Litecoin price was above the 12-day EMA and 26-day EMA, indicating that the bullish trend was ongoing. The asset price was trading at $121.63 at the time of writing. Nevertheless, Litecoin had been relatively stable. The price above the $120 level is being sustained by the bulls. Today, the MACD line and the signal line are above the zero line, indicating a buy signal for the asset.

The symbol of the histogram has turned from negative to positive because of the  bullish trend of the asset.

LTCUSD Short-term Trend: Bearish

Litecoin, LTCUSD, CryptoCompare chart

The daily chart shows Litecoin in a bearish trend. The price fell from $123 to $121. This resulted in the MACD indicator, indicating a sell signal.

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