LTC/USD Long-term Trend: Bearish
Resistance Levels: $60, $70, $80
Support levels: $50, $40, $30
The price of Litecoin was in a bullish trend at the beginning of September 2018. The opening balance was $ 62.07. The LTC price had been making attempts to break the high of $70 price level. The LTC price faced resistance at a price of $68.43 and which led price to fall to the low of $56.23. The bearish breakout led price back into the previous range bound zone.
Price is now at the lower level of price range and has reached the critical support level of $50. The LTC price is likely to rise to the upper level of price range. Meanwhile, 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 26-day EMA which indicates that the bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 36 which indicates that the market is oversold suggesting bulls to take control of the market.
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