Litecoin (LTC) Price Analysis (February 28)
• Litecoin possibly making its way up after hitting $65 support level to overcome resistance $80 to signal pump.
• Looks like price will want to bounce up again after testing the support level.
LTC/USD Medium-term Trend: Bullish
• Resistance Levels : $70, $80, $90
• Support Levels: $50, $40, $30
LTCUSD price may head towards $80 as crypto traders turn bullish. After a few days of increase actions by the bears, the momentum lost and bulls return to take over. $60.53 bullish candle opens yesterday’s session in the resistance area with high $65.87 and low at $57.10 returns the crypto within the range.
The bulls return gradually with an initial increase to $61.77 in the resistance area as the daily candle opens today. The price further rise to $63.40 in the resistance area after which the bulls stages a return within the range.
Price of Litecoin is below the two EMAs is an indication of downward momentum in price of the coin.
However, the stochastic signal pointing up at level 17 % in the oversold region is an indication that the crypto might experience a change in trend in the days ahead in the medium-term.
LTC/USD Medium-term Trend: Bearish
The coin possibly making its way up after hitting the $65 support level. The bears increase momentum drops price down at $60 below the support line in the support area as the market opens yesterday.
The momentum hibernates as exhaustion sets in coupled with the gravestone doji that signaled the bull's return. The cryptocurrency rises to $65.57 retesting the support again in the resistance area before the end of yesterday's session as the coin returns back within the range.
Today’s 4-hour opening candle at $62.54 in the resistance area is bullish as the bulls remain dominant in the market. LTCUSD rises further to $63.40 in the resistance area.
Price is above the EMA 9 indicates the buyers are on track gradually and the signal of the stochastic oscillator points up at level 30% in the oversold region implies upward momentum in price of Litecoin within the range 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.