LTC/USD Medium-term Trend: Ranging
Resistance:$121, $123, $125
Support:$117, $115, $113
Yesterday, June 7, price of Litecoin was in a bullish trend. Price of the asset had been stable above the $120 price level. The asset was expected to reach the high of $130 but might face resistance at the price of $125. Meanwhile, the MACD line and the signal line were above the zero line indicating a buy signal. Litecoin is presently trading at $119.53 as at the time of writing.However, from the chart, price of Litecoin has fallen to a sideways trend.
On June 7, price of the asset reached the high of $122.94 and was resisted by the bears. The asset is currently trading below the $120 price level. Price may likely fall to the previous low of $118.55. Today, the MACD line and the signal line are almost at par with the zero line indicating no signal. The 12-day EMA and the 26-day EMA are neither below or above the price of Litecoin. This implies that the asset is in a sideways trend.
LTC/USD Short-term Trend: Ranging
On the 1-hour chart, price of Litecoin is in a sideways trend. The price bars, the 12-day EMA and the 26-day EMA are trending horizontally. Traders should abstain from trading until the price action is evenly apart between the resistance level and the support level.
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