LTC/USD Medium-term Trend: Ranging
Resistance Levels: $90, $92, $94
Support Levels:$86, $84, $82
Yesterday, June 21, price of Litecoin was in a sideways trend. As at yesterday, it traded and closed at a price of $96.28. From the 4-hour chart, MACD line and the signal line are neither above nor below the zero line indicating a neutral signal. Also, price of Litecoin is neither above nor below the 12-day EMA and the 26-day EMA indicating that the market is ranging.
However, bearish candlesticks had touched the lower band of the Bollinger Bands. The principle is that if price touches the first low of the Bollinger Band, it is a buy signal. Nevertheless, if price touches another low of the Bollinger Bands, then it is now a confirmation of the buy order. Nevertheless, the relative strength index period 14 is level 39 which indicates that the market is nearing the oversold condition suggesting bulls to take control of the market.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, price of Litecoin is in a bearish trend. Also, on the 1-hour chart, MACD line and the signal line are below the zero line which indicate a sell signal. In addition, price of the asset is below the 12-day EMA and the 26-day EMA indicating that the bearish trend is ongoing.
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