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.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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