LTC/USD Medium-term Trend: Ranging
Resistance Levels: $66, $68, $70
Support Levels: $50, $52, $49
Yesterday, October 16, the price of Litecoin was in a sideways trend. There had been no significant price movement in the last 24 hours. The price of Litecoin had been fluctuating between the price levels of $55 and $56 after the end of price rally. Price is likely to continue its range bound movement because price is in the sideways trend zone.
There will be no trade recommendation as the market is not trending. Nevertheless, the price is expected to rise as per the MACD indicator. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend.
LTC/USD Short-term Trend: Ranging
On the 1-hour chart, LTC price is in a sideways trend. October 16, the crypto’s price fell to the low of $55 and commenced a range bound movement. However, the price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
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