LTC/USD Medium-term Trend: Ranging
Resistance Levels: $58, $59, $60
Support Levels: $54, $53, $52
Yesterday, August 14th, the LTC price was in a sideways trend. In the bearish trend, the price fell to the low of $51.05 and commenced a range bound movement. It was assumed that the cryptocurrency might fall again to its previous low at $40.10. Today, from its low, price of Litecoin has made a bullish movement to the high at $56.08. If the bulls overcome the resistance levels at $60 and $80, the cryptocurrency will reach the high of $100.
However, the price of Litecoin may likely fall if resisted at the $60 price level. From the chart, 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 a bearish trend is ongoing. The Relative Strength Index period 14 is level 46 which indicates that price is in the sideways trend zone.
LTC/USD Short-term Trend: Ranging
From the 1-hour chart, the LTC price is in a sideways trend. At a price of $50.44, the price of the cryptocurrency had been ranged bound. However, LTC price is below the 12-day EMA and 26-day EMA which indicates that the price is falling. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
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