In today’s Litecoin price analysis, LTCUSD has declined after the bulls failed to break above the $80 resistance level. The pair could decline heavily if it fails to stay above the $65.00 support level.
Yesterday, February 19, the price of Litecoin (LTC) was trading in the bullish trend zone. The LTC bulls were able to push the price close to the overhead resistance at $80. However, the bulls were unable to scale above this zone. As a result, Litecoin price declined below the $75 and $70 support level.
A swing low is formed near $67 and the price is currently consolidating losses at the time of writing this Litecoin price analysis.
On the upside, a successful rally to $80 will open the doors to $90 level. If successful, the next level to watch on the upside is $100. On the other hand, if there is a strong decline below the $70, the price is likely to $60.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, LTCUSD price is trading in a short term bearish zone. However, the $68 level holds the key. If the bulls fail to defend $68, there could be another sharp decline in the short term.
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.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
