LTCUSD Medium-term Trend: Bearish
Resistance Levels: $55.0, $57.0, $59.0
Support Levels: $53,0, $51.0, $49.0
Yesterday, the price of Litecoin was in a bearish trend. Yesterday, the LTC price was out of the range-bound zone through a bearish trend.
The cryptocurrency fell to the low of $47.14 and commenced a bullish movement immediately to its previous high. The price of Litecoin is back to the previous range-bound zone. The price is currently at $53.15 but will face resistance at the $55 price level.
Traders should exit their long trades as the price is not likely to proceed further. The price of Litecoin is likely to fluctuate between the levels of $60 and $50. Nevertheless, the LTC price is below the 12-day EMA and 26-day EMA which indicates that a bearish trend is continuing. The MACD line and Signal line are below the zero line which indicates a sell signal.
LTCUSD Short-term Trend: Bullish
On the 4-hour chart, the LTC price is in a bullish trend. The price of Litecoin is above the 12-day EMA and 26-day EMA which indicates that the price is rising. Meanwhile, the Relative Strength Index period 14 is level 50 which indicates that the market is oversold suggesting bulls will take control of the market.
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