LTCUSD Medium-term Trend: Ranging
Resistance Levels: $60, $62, $64
Support Levels: $50, $48, $4
The price of Litecoin was in a range bound movement yesterday. The cryptocurrency reached the upper level of price range and was resisted at $63.73. Initially, it fell and became rangebound at a price of $58. Today, the LTC price is currently at $55 and it's approaching the $50 price level which is the lower level of price range. At the lower level of price range, the LTC price is expected to reverse and commence a bullish movement.
However, if it falls and breaks the $50 price level it will reach the low of $49. Nevertheless, 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 price is in the bearish trend.
LTCUSD Short-term Trend: Ranging
On the 4-hour chart, the LTC price is in a bearish trend. The LTC price shows the upper level of price range where price was resisted twice and it is approaching the price at $55. Meanwhile, the Relative Strength Index period 14 is level 35 which indicates that the market is oversold suggesting bulls to take control of the market.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.