LTCUSD Medium-term Trend: Ranging

Resistance Levels: $60, $70, $80                                                                                                                          

Support Levels: $50, $40, $30

Yesterday, the price of Litecoin was in a downward trend. The bearish trend was a result of the bull’s failure to sustain their hold on the price above the $62 price level. The LTC price is now falling and approaching the lower level of a price range. The cryptocurrency is expected now to fluctuate between the levels of $62 and $50.

If the price gets to the lower level of a price range and holds, traders should initiate long trades. However, 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 the bearish trend is ongoing. 

LTCUSD Short-term Trend: Bearish   

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

On the 4-hour chart, the LTC price is in a downward trend. The price is below the 12-day EMA and the 26-day EMA which indicates that the price of Litecoin is falling. Meanwhile, the Relative Strength Index period 14 is level 47 which indicates that price is in the range-bound zone.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Original Post

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Published on

2018-08-30 16:38:57

Author

Azeez Mustapha

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