LTC/USD Medium-term Trend: Ranging
Resistance Levels: $91, $93, $95
Support Levels: $85, $83, $81
Yesterday, July 26th, the price of Litecoin was still in a sideways trend. The LTC price fluctuates between the levels of $90 and $80. The fallen price is almost at the low of $80 price level. If price breaks the support level of the range bound zone, Litecoin price will find support at $74.01. Meanwhile, if the price holds at the support level, traders should initiate long trades and place a stop loss below the support level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is 39 which indicates that the market is oversold suggesting bulls to take control of the market.
LTC/USD Short-term Trend: Bearish
On 1-hour chart, the price of Litecoin is in a bearish trend. Nevertheless the MACD line and the signal line is below the zero line which indicates a sell signal. In addition, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing.
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