LTC/USD Medium-term Trend: Ranging
Resistance Levels: $78, $80, $82
Support levels: $74, $72, $70
The price of Litecoin is in a sideways trend in the month of July. The LTC price was range bound between the levels of $91 and $74. The cryptocurrency commenced trading at a price of $79.13 at the beginning of the month. It ranges from the high of $79.13 to the low of $74.20. Then price moves again to the high of $90 and back to $81.48.
This was the scenario created by the price of Litecoin as price fluctuates now and then. It was assumed that if the LTC price broke the support level at $74, price will fall to the low of $57. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price bars of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing.
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