Litecoin price dropped recently and traded below the $55. Nevertheless, the LTCUSD pair could recover in the short term towards the $60 level.
Litecoin Price Medium-Term Analysis
Yesterday, October 3, the price of Litecoin (LTC) was consolidating losses near the $55 level after a bullish rally failed to materialize. The bulls pushed the price towards the $58 level but were resisted. As a result, the market declined to the $55 level. At the moment, Litecoin price is trading at the $56 level.
On the upside, if more buyers emerge, the crypto’s price rise will rise to retest the $58 and $60 resistance levels. Conversely, if the bulls fail to break the resistance levels, the coin will decline towards $54 level.
Meanwhile, 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 range bound move. It seems like the price might correct higher towards $60 or $62 resistance levels. Nevertheless, it won’t be easy for the bulls to push the price above the $62 resistance level. If more buyers emerge, the price of LTCUSD could even surge above the $65 resistance and revisit the $70 levels
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $58, $60, $65
- Support levels: $54, $52, $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.