Litecoin (LTC) Price Analysis – July 31

  •  Traders should look out for buy setups at the $57 and $52 price level if the price of Litecoin falls.
  •  If the bears break the support level at $74, the price of Litecoin will fall to the lows of $57 or $52.

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

Litecoin Price Medium-term Trend: Ranging

Resistance Levels: $78, $80, $82                                                                                                                         

Support Levels: $74, $72, $70

Yesterday, the LTC price was range bound between the level of $90 and $74. The market was quiet yesterday and I suggested that a breakout at the key levels was imminent. The price of Litecoin is on a downward trend approaching the low of $74. The bulls had earlier tested the resistance level without breaking it. If the bears break the support level at $74, the price of Litecoin will fall to the lows of $57 or $52.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of Litecoin is below the 12-day EMA and the 26-day EMA  which indicates that a bearish trend is ongoing.

Litecoin Price Short-term Trend: Bearish   

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

On the 4-hour chart, the price of Litecoin is on a downward trend. The Relative Strength Index period 14 is level 20  which indicates that the market is oversold suggesting bulls to take control of price. If price breaks the support level at $74, traders should look out for buy setups at the $57 and $52 price level.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.