Litecoin price analysis shows that the coin is struggling to stay afloat above $60. The attempt on Tuesday focused on breaking the resistance at $63 failed to sail through.
Litecoin Price Medium-term Trend
On March 3, the price of Litecoin (LTC) was unable to break above the $63 resistance level. As a result, LTC price declined near the $59 level. However, instead of dipping further to its main support level at $58, the bulls recovered slightly to $61.
Today, Litecoin price has dipped further since yesterday. At the time of writing this Litecoin price analysis, the coin is changing hands at $60 level as the bulls trying to avert the risks of sliding towards the $50 support level.
On the downside, if support at $60 caves in, Litecoin price could drop further toward the next support level at $50. On the upside, sustained strength above the $60 level could provoke a recovery back towards the $65 and possibly the $70 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 trading in a short term bearish zone. Continued weakness below the $60 level could prompt a deeper decline towards the $55.00 and possibly the $50.00 level.
Conversely, a recovery above $60 could take a while especially now that the MACD is sending more bearish signals. Currently, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels : $65, $70, $80
- Support Levels: $60, $55, $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.