LTC/USD Medium-term Trend: Bearish
Resistance Levels: $100, $102, $104
Support Levels:$96, $94, $92
Yesterday, June 14 , price of Litecoin commenced its bullish movement after it fell to the low of $91.06. But the bullish movement took price to the high of $98. Price of Litecoin is expected to reach the highs of $107 and $120 as the bullish trend commences. Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal.
In addition, 12-day EMA and the 26-day EMA are neither above nor below the price of the asset which is a neutral signal. The indicator is undecided about the direction of the trend. Meanwhile, the relative strength index period 14 is level 43 which indicates that the price of the asset is in the range bound zone. Traders are to look for buy setups at the support level so as to initiate long trades. The market had been oversold previously. We are to buy low and sell high.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Litecoin is in a bullish trend. From the chart, the MACD line and the signal line are above the zero line indicating a buy signal. Also, the price of the asset is above the 12-day EMA and the 26-day EMA indicating that the bullish trend is ongoing.
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