LTC/USD Medium-term Trend: Bearish
Resistance Levels: $60, $70, $80
Support Levels: $50, $40, $30
Last week the price of Litecoin was in a bearish trend. On September 5, a bearish price spike led the price to the low of $53.90. The digital currency commenced a range bound movement and further depreciated to the low of $51.78. Price of Litecoin has reached the critical level of $50 which is the major support level.
Traders are to initiate long trades in anticipation of a bullish trend. The LTC price is expected to rise. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 42 which indicates that price is in the sideways trend zone.
LTC/USD Short-term: Bullish
On the 1-hour chart, the LTC price is in a bullish trend. The price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The MACD line and the signal line are above the zero line which indicates a buy signal.
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