LTC/USD Medium-term Trend:Bullish
Resistance:$124, $126, $128
Support:$120, $118, $116
Yesterday, June 5, Litecoin was in a sideways trend. The MACD line and the signal line were below the zero line and they indicated a sell signal. It was assumed that if price of Litecoin falls and the $114.55 level was broken, the asset would further nosedive to the low of $109. On the other hand, if price holds, and the resistance level was broken, the asset will reach the high of $130. Litecoin is presently trading at $120.35 as at the time of writing.
However, from the weekly chart, price of Litecoin was stable and the price increase was insignificant. Meanwhile,the MACD line and the signal line are above the zero line indicating a buy signal. Price of the asset is above the 12-day EMA and 26-day EMA indicating that the bullish trend is ongoing. Traders can initiate long positions at the $120 price level if the bulls sustain hold at that level.
LTC/USD Short-term Trend:Bullish
On the 1-hour chart, price of Litecoin is in a bullish trend. The MACD line and the signal line are above the zero line indicating a buy signal. The 12-day EMA and 26-day EMA are below the price of the asset indicating that the bullish is ongoing.
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