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LTC/USD Long-term Trend: Bearish

Supply Zones: $90, $100, $110
Demand Zones: $70. $60, $50

For the entire month of June, the price of Litecoin had been on a downward trend. From the weekly chart, the exponential moving averages are trending southward and the candlesticks are all bearish. At a price of $125.43, the cryptoasset fell to the low of $74.19 and made a pullback above the price of $80. However, if the bears eventually break the previous low of $74.19, price of Litecoin will find support at $46.91. In the other words, the bearish pressure is not over.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the 12-day EMA and the 26-day EMA are above the price bars of the cryptoasset which indicates that the bearish pressure will continue. Nevertheless, the relative strength index period 14 is level 39 which indicates that price of Litecoin is nearing the oversold region of the market.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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