LTC/USD Medium-term Trend: Bullish
Resistance: $124 , $126, $128
Support: $120, $118, $116
Last week, price of Litecoin had been under a bearish pressure. The asset was trading above the price of $100 but unable to reach the high of $120 since last week. From the 4-hour chart, price of Litecoin is above the 12-day EMA and 26-day EMA indicating that the asset is bullish. Also, the MACD line and the signal line are above the zero line indicating a buy signal. Nevertheless, note that the bearish trend of the asset might have ended. Price of Litecoin broke the bearish trend line and the candlestick closed on the opposite of the trend line. However, if the current trend is sustained price of the asset will reach the highs of $130 and $140.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, price of Litecoin is in a bullish trend.In the same manner, price of Litecoin is above the 12-day EMA and 26-day EMA indicating that the asset is bullish. In the short term trend, traders can place long orders. However, as long as the MACD lines are above the zero line and the price is above the 12-day EMA and the 26-day EMA, the bullish trend is ongoing.
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