LTC/USD Medium-term Trend: Bearish
Resistance Levels: $60, $62, $64
Support levels: $50, $48, $46
In the month of August 2018, the LTC price had been bearish. The price of Litecoin had an opening balance of $77.53 at the beginning of the month. However, the cryptocurrency was range bound between the levels of $91 and $74. Price had difficulty in breaking the $74 price level since the beginning of this year. However, in the last bearish breakout, the $74 price level was broken and the price fell to the low of $69.06. The LTC price is currently at $55.21 but it is approaching the previous low of $50.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 35 which indicates the market is oversold suggesting bulls to take control of the market.
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