LTCUSD Medium-term Trend: Ranging
Resistance Levels: $60, $60, $62
Support Levels: $56, $54, $52
The price of Litecoin was in a bullish trend yesterday. The cryptocurrency is making a bullish movement within the range bound zone. Since September 5th, the cryptocurrency had been range bound between the levels of $60 and $50. Some of the cryptocurrencies are out of their range-bound zone in a bullish trend. Is the LTC price going to break its upper level of price range?
If the price of Litecoin breaks the upper level of $60, the cryptocurrency will reach the highs of $65 and $69. The LTC price will pullback if it fails to break the upper level of price range. Nevertheless, the LTC price is above the 12-day EMA and 26-day EMA which indicates that a bullish 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. A bullish trend line is drawn showing the support levels where traders can initiate their long trades. The price of Litecoin is above the 12-day EMA and 26-day EMA which indicates that the price is in the bullish trend zone.
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