Litecoin price has made a sharp plunge to the $74 level in the last couple of days. At this level, will the LTCUSD pair continue to decline? The following technical analysis reveals.
Litecoin Price Technical Analysis
Yesterday, August 16, the price of Litecoin (LTC) was trading below the 12 and 26-day Exponential Moving Averages (EMAs). Over the past 14 days, Litecoin price has seen a sharp decrease. We saw it dropping much lower from the $99 level to reach where it currently trades at $74 price level.
On the upside, if the bulls break above the EMAs, the price will rise to retest the $90 resistance level. On the downside, if the bulls fail to break the EMAs, the coin might towards the $71 price 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. On July 22, the bulls were resisted at the $99 price level and the price dropped on a downward correction to the low of $86. The price of LTCUSD is now fluctuating between the levels of $74 and $75 price levels. The MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $75, $77, $80, $84, and $90
- Support levels: $70, $67 $65, $63 and $60
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.