Litecoin price has seen substantial falls toward the end of June and into early July. Unfortunately, the LTCUSD pair has continued to suffer more downward trend in August.
Litecoin Price Technical Analysis
Yesterday, August 21, the price of Litecoin (LTC) was in a bearish trend zone as it was still trading below the 12 and 26-day Exponential Moving Averages (EMAs). Litecoin price has been on a downward correction after the bulls met resistance on June 23rd.
On August 16, LTC price declined from the level of $76 to $74 and continued the downward trend. After climbing from the $72 to $76 on August 18, the bulls were repelled and the price slipped from $75 to $73 on August 20. At the time of writing, the price of Litecoin is trading at the previous low at $72 level.
On the downside, if the bulls fail to break the EMAs, the coin will continue to decline. On the upside, if more buyers emerge, the crypto’s price will rise to retest the previous high. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
LTCUSD Price Short-term Analysis
On the 1-hour chart, LTCUSD price is in a bearish trend while trading below the 12 and 26-day EMAs. On August 21, the bulls were resisted at the $75 price level and the market fell on a downward correction to the low of $73.
The crypto’s price is trading below the EMAs and between the levels of $70 and $74 price level. The MACD line and the signal line are below the zero line which is an indication of a sell signal.
- Resistance Levels: $75, $77¸ $80
- Support levels: $70, $68, $65
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.