LTC/USD Medium-term Trend: Bullish
Resistance Levels: $60, $65, $70
Support Levels: $55, 50, $45
Last week the price of Litecoin was in a bullish trend. The bullish trend began when the price fell to the low of $47.14. The price of Litecoin is making a series of higher highs and higher lows. A bullish trend line is drawn showing the support levels of price. A trader can initiate a long trade if price tests and bounces back on the trend line. However, if price breaks the trend line the current trend will be invalidated. The LTC price is currently in the previous range bound zone and approaching the upper level of the price range.
Price of Litecoin is expected to reach high of $60 but may face resistance at that level.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 zone. The Relative Strength Index period 14 is level 57 which indicates that price is near the bullish trend zone.
LTC/USD Short-term: Bullish
On the 1-hour chart, the LTC price is in a bullish trend. The price of the cryptocurrency 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 an above signal.
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