Litecoin Medium-Term Price Analysis
On May 6, Litecoin (LTC) price was in a bullish trend zone. Yesterday, it was expected that if the $76 support level holds, the LTC would increase and retest the resistance level of $84. However, at the time of writing, the bulls have been unable to retest the $84 resistance level which has bee unbroken since April 14.
On the upside, if the price of Litecoin is sustained above the 12-day and the 26-day Exponential Moving Averages (EMAs) , the bulls are will most probably to retest or break above the $84 resistance level. On the other hand, if the bulls are unable to break the $84 resistance level, LTC price will decline to the support of the EMAs. The Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, indicating a buy signal. The price is now above the 12-day and the 26-day EMAs, this indicates that Litecoin price is in the bullish trend zone.
LTCUSD Short-term Price Analysis
As the 1-hour chart shows, LTCUSD price was in a bullish trend as the price reached a high of $80.59. Nevertheless, the bulls met resistance at the $81 resistance level and the price declined to the support of the 26-day EMA for an upward trend.
On May 7, LTCUSD price climbed to a high of $81.96, however, the bulls met resistance at the $82 price level. LTC price pulled back to commence its upward trend. The price of LTCUSD was resisted again at the $82 price level. In the meantime, the MACD line and the signal line are above the zero line, an indication a buy signal. The crypto’s price is above the 12-day and the 26-day EMAs which suggest that Litecoin price is in the bullish trend zone.
- Resistance Levels: $80, $90, $100
- Support levels: $70, $60, $50
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.