Litecoin price is now facing resistance at the $72 level and a breakout will make LTCUSD pair surge above $90 level.
Yesterday, September 16, the price of Litecoin (LTC) was in in a bearish trend and still trading below the 12 and 26-day Exponential Moving Averages (EMAs). On July 27, the bulls were resisted at the $96 price level and the market fell on a downward correction to the low of $88.
On August 28, the market dropped to a low of $63 and resumed an upward move. However, the price correction was short-lived as the bulls met resistance at the $72 level. Litecoin price has been hovering above the $68 support level for the past 6 days. At the moment, the coin is facing resistance at the $72 level.
On the upside, if the bulls break above the $72.00 resistance level, the crypto’s price rise will rise to retest the $80 and $90 resistance level. On the other hand, if the bulls fail to break the $72 resistance level, the downtrend will resume, and the price will reach a low of $60 support level.
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 moving sideways. The 12 and 26-day EMAs are sloping horizontally, indicating that the price is in the bearish trend zone. On July 17, the price of LTCUSD corrected and the body of a bullish candlestick tested the 0.786 Fibonacci retracement level.
It is likely that the price will reach the 1.272 Fib.extension level. This means that the pair decline to the low of $58 or $60 support levels. Conversely, if the bulls break the upper trend line, the market will commence its uptrend.
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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