Litecoin price was trading below the $140 level last week as the bulls were unable to break it. What next can you expect? Gain insight into the following technical analysis.
LTCUSD Price Chart
In retrospect, Litecoin (LTC) price reached the $140 overhead resistance level last month. In the previous week, the price was trading below the $140 level as the bulls were unable to break it. The price of Litecoin was also on a downward correction as it dropped to the $110 support level. At the support level, the price rose to $130 level and back to the support level. From the Fibonacci tool, Litecoin price dropped to the downtrend zone of 0.50 Fib. retracement level.
The Fib. retracement level was holding as the bulls make an upward move to the continuation zone. The price of LTC is currently trading in the 0.382 Fib.retracement level. If the bears break the 0.382 Fib. retracement the second time, the price may not survive the downtrend. The Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, an indication of a buy signal.
LTCUSD Price Chart
Looking at the 1-hour chart, LTCUSD price is in a bearish trend. The pair was trading below the $135 price level. On June 29, LTC bulls tested the $135 price level but dropped to the support of the 26-day Exponential Moving Average (EMA).
On June 30, LTC bulls were also met resistance and the price declined to support of the EMAs. After a range bound movement above the EMAs, the price dropped to the support level at $120 level. LTCUSD price is hovering above the $120 level. The MACD and the signal line are above the zero line, indicating a buy signal.
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