Litecoin price will rise to retest the $140 resistance level if the bulls break above the EMAs. What next can LTCUSD traders expect? Gain insight into today’s technical analysis.
Litecoin Price Technical Analysis
In retrospect, Litecoin (LTC) price was in the bearish trend zone after the bulls were resisted by the 12-day Exponential Moving Average (EMA). On June 23, LTC bulls met resistance at the $140 overhead resistance and the price went on a downward correction. The bears broke the 12 and 26-day EMA to reach the bearish trend zone.
On July 16, the downward trend was corrected at the support of the $80 price level. On July 17, LTC bulls made an upward move to break above the EMAs but met resistance. Litecoin price is now ranging below the EMAs. On the upside, if the bulls break above the EMAs, the price of Litecoin will climb to revisit the $140 resistance level.
On the downside, the price will continue its range bound movement below the EMAs if the bulls fail to break the EMAs. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which suggests a sell signal.
LTCUSD Price Short-term Analysis
As the 1-hour chart shows, LTCUSD price is in a sideways trend. The 12 and 26-day EMAS are sloping horizontally. On July 27, the bulls met resistance at the $96 price level and the price of LTCUSD went on a downward correction to the low of $88. LTC price ranges above the $88 price level and the EMAs. The MACD line and the signal line are below the zero line, indicating a sell signal.
- Resistance Levels: $100, $110, $120
- Support levels: $80, $70, $80
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.