Litecoin Price Medium-term Trend: Bearish
Resistance Levels: $78, $80, $82
Support Levels: $74, $72, $70
Yesterday, August 2, Litecoin’s price was in a downward trend. The cryptocurrency’s price hasn’t been able to break the support level at $74. This because the support level was a critical one that hasn’t ben broken since the beginning of the year. If LTC breaks said level, its price will find support at $57.
If the support isn’t broken, LTC will move in a range bound movement. Meanwhile, the MACD and signal lines are below the zero line which indicates a sell signal. Moreover, Litecoin’s price is below the 12-day EMA and the 26-day EMA which indicates a bearish trend is ongoing
Litecoin Price Short-term Trend: Bearish
On the 4-hour chart, LTC is on a downward trend. Its price shows a bearish candlestick approaching to break the support level at $74. Meanwhile, the Relative Strength Index period 14 is level 37 which indicates the market is oversold, suggesting bulls may take over.
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