LTCUSD Medium-term Trend: Bullish
- Resistance Levels: $60, $65, $70
- Support Levels: $40, $35, $30
Yesterday, March 11, the price of Litecoin is in a bearish trend. The bearish trend has been ongoing in the last four days when the crypto’s price was resisted at the $60 price level. The bears also broke the 12-day EMA and the 26-day EMA as the price fell to the bearish trend zone.
The crypto’s price fell to a low at $53.75 and commenced a bullish trend. Today, March 12, the crypto’s price is making a series of higher highs and higher lows. This pattern of movement indicates that the price is in a bullish movement as the bullish candlestick will be testing the trend line.
However, if the crypto’s price breaks the trend line and the following candlestick closes on the opposite of it; technically is assumed that the current trend is terminated. For now, the current trend is ongoing. On the upside, the LTC price will reach the highs of $65 but will face resistance at the $60 price level.
Meanwhile, the stochastic is out of the oversold region but above the 40% range which indicates that the crypto is in bullish momentum and a buy signal.
LTCUSD Short-term Trend: Bullish
On the 1-hour chart, the price of Litecoin is in a bullish trend. Today, the bulls broke the 12-day EMA and the 26-day EMA as the crypto’s price reached the bullish trend zone. The crypto’s price is trading at $57.91 as at the time of writing. The bulls have not been able to break the $60 resistance level since May 2018.
On the downside, if the bulls fail to break the $60 resistance level, the crypto’s price will fall to the bearish trend zone. Meanwhile, the Stochastic is in of the overbought region but above the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
