Litecoin price is in a bullish trend. However, it is facing resistance at the $122 price level in the lower time frame. Will the bullish trend continue? Gain insight into the following technical analysis.
Litecoin Price Technical Analysis
Yesterday, July 3, Litecoin (LTC) price was in a bullish trend attempting to break the Exponential Moving Averages (EMAs) and reach the bullish trend zone. At the moment, LTC price is in a bullish trend while below the 12-day and the 26-day EMAs. On the upside, if LTC bulls break above the EMAs, the price will rise to retest the $134 and $140 resistance levels.
On the downside, if the bulls are unable to break the EMAs, Litecoin price will be in a range bound movement. From the Fibonacci tool, the price of Litecoin is in the downtrend zone of 0.50 Fib. retracement level. Yesterday, Litecoin price discontinued its fall to the 0.786 Fib. retracement level and resumed its upward movement. The Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line. This is an indication of a buy signal.
LTCUSD Price Short-term Analysis
Looking at the 1-hour chart, LTCUSD price is in a bullish trend. In the lower time frame, the LTC price is facing resistance at the $122 price level. The bulls have tested the resistance level on four attempts.
On each attempt, LTCUSD price would drop to the support of the EMAs after testing the resistance level. Today LTC bulls have broken the $122 resistance and reach a high of $125. The price of LTCUSD is retracing at a high of $126 price level. The MACD line and the signal line are above the zero line, indicating a sell signal.
Resistance Levels: $140, $150, $160
Support levels: $120, $110, $90
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.