Litecoin (LTC) Price Analysis (February 24)
• Price looks headed to $90; if so bulls must hold.
• Price still trades in an uptrend.
LTC/USD Medium-term Trend: Bullish
• Resistance Levels : $80, $90, $100
• Support Levels: $35, $25, $15
The cryptocurrency is in a bullish trend zone in its medium-term outlook. The cryptocurrency is in an ascending channel with bullish exhaustion at $80.75 in the upper line of the channel.
The bearish long-tailed candle formation at $79.79 in the lower line of the channel is an indication of the bears' returns shortly after today's opening.
LTCUSD is initially down at $75.30 in the support area above the two EMAs with the body of the candle breaking the upper resistance line, which is an indication of an uptrend in the context of the market.
The stochastic oscillator signal points up at around level 60% in the oversold region suggests an upward momentum in price of Litecoin and a signal to buy in the nearby days in the medium-
LTC/USD Short-term Trend: Bullish
On the 4-hourly chart, the bullish structure remains intake as we can see a double bottom printed above $65.50, recent support level. The crypto’s price is now facing another resistance at the $78.92 price level.
$79.79 bearish candle in the support area opens today’s 4-hourly session as the bears return briefly. The price of Litecoin is initially down at $76.13 in the support area.
With price above the two EMAs is an indication that the momentum in price of the crypto is in an uptrend.
However, the stochastic signal pointing down at around level 77% in the overbought area suggests that there may likely be a trend reversal in the price of the crypto in the future in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.