Welcome to today’s Litecoin price analysis. The coin zoomed past the $60 resistance towards the end of Tuesday. Will the uptrend continue?
Litecoin Price Medium-term Trend
Yesterday, January 28, the price of Litecoin (LTC) traded in the bullish trend zone. In the last three days, LTC bulls have continued to dominate the market where the market price spiked from $53 support level to $61 resistance. The market is now trading above the 9-day and 21-day Moving Averages (MA).
Today, Litecoin price is consolidating after a slight drop from the $61 resistance. At the time of writing this Litecoin price analysis, the coin is changing hands at the $60 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
LTCUSD Price Short-term Trend
On the 1-hour chart, LTCUSD price is clearly trading in a bullish zone. However, if the bulls fail to push the price above the $64 level, a downward correction is likely to occur. However, various support levels are likely to come in handy, including the $60 level.
In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $66, $68, $70
- Support levels: $58, $53, $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.