Litecoin price has declined to its lowest trading level since April 2nd, 2019. Will the downward trend continue? Gain insight into the following technical analysis.
Litecoin Price Technical Analysis
Yesterday, August 28, the price of Litecoin (LTC) was in the bearish trend zone as the bulls have failed to break out of the 12 and 26-day Exponential Moving Averages (EMAs). On August 28, Litecoin price declined sharply from the $70 level following a sell-off. Currently, the market appears increasingly weak while trading at the $64 level.
On the downside, if the bulls fail to break the EMAs, the coin will decline to the support levels of $60 or $58. On the upside, if more buyers emerge, the crypto’s price rise will rise to retest the $70 resistance level.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
LTCUSD Price Short-term Analysis
On the 1-hour chart, LTCUSD price is in a bearish trend. The 12 and 26-day EMAs are sloping downward. On August 28, the bulls were resisted at the $70 price level and the market fell on a downward correction to the low of $65.
The crypto’s price is trading below the EMAs and between the levels of $62 and $66 price level. The MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $70, $75, $80
- Support levels: $60, $58, $55
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.