LTC/USD Medium-term Trend: Bearish
Resistance Levels: $78, $80, $82
Support Levels: $76, $74, $72
Yesterday, August 2nd, the LTC price was still in a bearish trend. The cryptocurrency is approaching the support level at $74 of the range bound zone. The market has been so quiet and there seems to be no significant price movement. However, the price at $74 is a critical support level which has not been broken since the beginning of this year.
Traders can initiate long trades and a stop loss at $52.74. 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 33 which indicates that the market is oversold suggesting bulls to take control of the market.
LTC/USD Short-term Trend: Bearish
From the 1-hour chart, the LTC price is in a downward trend. The 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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