Litecoin price has retreated from the recent high near $64.40 and it’s currently holding the key $58 support. Will the LTCUSD pair resume a decent upward move?
Yesterday, November 1, the price of Litecoin (LTC) was trading above the 20-day Exponential Moving Average (EMA). Litecoin price has been ranging above the EMA for the past few days. Recently, the bulls broke above the $55 and $60 resistance levels to reach a high of $64.
Later, there was a downside correction that ushered the coin near $57 level. At the time of writing, Litecoin price is changing hands at $58 level. Despite some range-bound trading, the market still maintains upward movement after a strong buy on October 25.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $60 and $64 resistance levels. On the other hand, failure of bulls fail to break the EMA will strenghten the bears and the coin will drop towards $55 and $50 levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, LTCUSD price is in a bullish trend. The pair corrected lower yesterday from $60 to $58 support level. This decline is neccesary before the price rebounds and climbs again. On the upside, the bulls need to gain pace above the $60.00 resistance to set the stage for more upsides.
In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
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.
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