LTC/USD Medium-term Trend: Bearish
Resistance Levels: $94.50, $95.0, $95.50
Support Levels:$93.5, $93.0, $92.50
Price of LTC/USD pair had its own share of the bearish trend. It was trading at $107.34 but it fell to the low of $91.06. From the price action, Litecoin made a bullish movement to the high of $101,59, after its fall from the low of $91,06. The asset is currently ranging between the levels of $105 and $90. Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal.
In addition, the 12-day EMA and 26-day EMA are above the price of the asset indicating that the bearish trend is ongoing. The asset is likely to reach its previous low at $90. Meanwhile, the relative strength index period 14 is level 37 indicates that the market is oversold suggesting bulls to take control of the market.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Litecoin is in a bearish trend. From the chart, the MACD line and the signal line are below the zero line indicating a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price of the asset indicating that the bearish trend is ongoing. Meanwhile, price has touched the lower Bollinger band on the first and second low thus giving a buy signal. Traders can initiate buy setups at the support level.
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