LTC/USD Medium-term Trend: Ranging
Resistance: $118 , $120, $130
Support: $116, $114, $112
Yesterday, the LTCUSD pair was in a bullish market. According to the MACD indicator, the MACD line and the signal line were above the zero line indicating a buy signal. From the 4-hour chart, price of Litecoin was above the 12-day EMA and 26-day EMA indicating that the bullish trend was ongoing. However, Litecoin is presently trading at $116.67 as at the time of writing.
From the 4-hour chart, price of the asset is ranging. However, the MACD line and the signal line are above the zero line indicating a buy signal. Nevertheless, if price of Litecoin falls and breaks the level at $114.55, the asset will nosedive to the low of $109. And, if the level holds and price breaks the resistance at the rectangular block then the asset will reach the high of $130. Traders are expected to initiate long positions if price level holds.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, price of Litecoin is in a bearish market. The MACD line and the signal line are below the zero line indicating a sell signal. The 12-day EMA and 26-day EMA are above the price of the asset indicating that the bearish trend is ongoing.
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