Litecoin price was strongly moving toward the $100 level in the first half but took a plunging turn in the latter part of the day. What can traders expect next?
Yesterday, August 7, the price of Litecoin (LTC) was still trading below the 12 and 26-day Exponential Moving Averages (EMAs). The LTC price is range-bound below the EMAs. On the upside, if the bulls break above the EMAs, Litecoin price will rise to the $98 resistance level.
On the downside, if the bulls fail to break the EMAs, the crypto will decline towards the $83 price level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line while below the zero line which indicates a sell signal.
Looking at the 1-hour chart, LTCUSD price is in a sideways trend. The 12 and 26-day EMAs are sloping horizontally. On August 7, LTC bulls met resistance at the $100 price level and the pair dropped to the low of $87. LTCUSD price is fluctuating below and above the EMAs between the levels of $87 and $92 price level. The MACD line and the signal line are below the zero line which indicates a sell signal.
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.
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