LTC/USD Medium-term Trend: Bullish
Resistance Levels: $89, $91, $93
Support Levels: $85, $83, $81
Yesterday, July 23rd, the price of Litecoin was in a sideways movement. Yesterday, the cryptocurrency further depreciates to the low of $80.83. Price of Litecoin is making another bullish movement to the previous high. Meanwhile, the MACD line and the signal line are neither below nor above the zero line which indicates a neutral signal.
Also, the price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The relative strength index period 14 is 62 which indicates that price is in the bullish trend zone.
LTC/USD Short-term Trend: Bullish
On 1-hour chart, the bulls took the price from the low of $81.97 to the high of $85.33. In the same day, the Bears took control and brought price to the low of $81.72. Today the cryptocurrency depreciates further to the low of $80.83.
Presently, the price of Litecoin fluctuates between the levels of $85 and $75. Traders should initiates trades if the price reaches the key levels of the range bound zone. That is you initiate a long trade at the support level of $75 while a short trade at the resistance level of $85.
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