Litecoin price has been dwindling for the past two months and it seems the LTCUSD pair is on the verge of a breakout.
Litecoin Price Technical Analysis
Yesterday, September 10, the price of Litecoin (LTC) was trading close to the 20-day Exponential Moving Averages (EMA).
For the past two months, the market has been in a steady decline from the $140 resistance level. 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. At the time of writing, the market is trading at the $69 price level.
On the downside, if the bulls fail to break the EMAs, the coin will plummet below $58 price level. On the other hand, if the bulls break above the EMA, the crypto’s price rise will continue to rise.
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 range-bound movement. The pair is facing resistance at the 20-day EMA and is on the verge of a breakout. The daily RSI is indicating a positive sign for a price rally to the upside. In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $72, $74, $76
- Support levels: $68, $66, $62
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.