Litecoin price has resumed an upside correction above $45 after a new monthly low was formed at $42. Will the bulls continue the uptrend?
Litecoin Price Medium-term Analysis
Last week, the price of Litecoin (LTC) was still trading in a bearish trend. After the bulls failed to push the price above $50.00 resistance level, Litecoin price extended its decline below the $45.00.
Moreover, it traded close to the $42.00 level and formed a new monthly low at $42.15. Nevertheless, Litecoin price has recovered from the sharp sell-off and has risen above $42. However, the upward move was capped by the $47 resistance area.
At the time of press, the coin is trading at the $46.00 level.
On the upside, if more buyers emerge, the crypto’s price rise will rise towards the $50 and $55 resistance level.
On the other hand, if there is a downside break, the coin could revisit the $43 and $42 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 Analysis
On the 1-hour chart, LTCUSD price is showing some positive signs. The pair needs to continue its up-trending growth in the coming days to recover properly. As per the current trend, the next resistance level is likely at $48. A successful break above $50.00 is needed for a strong rise.
In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $50, $55, $60
- Support levels: $45, $42, $40
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.