Litecoin price is under bearish pressure and if the downward trend persists, the LTCUSD pair will further decline to a low at $75.
Litecoin Price Technical Analysis
In retrospect, Litecoin (LTC) price tested the $140 price level on June 12 and the price was in a range bound movement below it. On June 22 the bulls made an attempt to break the levels before they met resistance. Litecoin price was on a downward correction which resulted in the price dropping to the support level at $110.
LTC bulls took advantage of the support level and resumed an upward move above the 12 and 26 day Exponential Moving Averages (EMAs) to retest the $140 resistance level. The bulls were overpowered by the bears as the price dropped to a low at $87, erasing 38% of the bullish gains. On the downside, however, if the bearish trend persists, LTC price will further decline to a low at $75. The Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which is an indication of a sell signal.
LTCUSD Price Short-term Analysis
As the 1-hour chart shows, LTCUSD price is in a bearish trend. The 12 and 26 day EMAs are both trending southwardly. The LTCUSD price was ranging below the $100 level. Yesterday, the bears broke the EMAs and reached a low of $86 price level. The MACD line and the signal line are below the zero line suggesting a sell signal.
Resistance Levels: $100, $110, $120
Support levels: $80, $70, $80
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.