- On the upside, the market is expected at the $120 price level if the trend line is unbroken.
- On the downside, the market may fall below the $100 price level, if the trend line is broken.
LTC/USD Medium-term Trend: Bullish
- Resistance Levels: $100, $104, $108
- Support levels: $96, $92, $88
Yesterday, May 15, the price of Litecoin broke away from its previous sideways move. On May 11, the market was in a sideways trend trading between the levels of $85 and $92. Yesterday, the bulls broke the $92 price level but were resisted at the $96 price level. After a slight retracement, LTC price is now hovering around the $105 price level. There is the possibility of price rise as the crypto’s price is above the 12-day EMA and the 26-day EMA.
The LTC price is trending above the trend line. The trend line is not completely broken because of absence of a candlestick .On the upside, the market is expected at the $120 price level if the trend line is unbroken. On the downside, the market may fall below the $100 price level, if the trend line is broken. A trend line break implies that the current trend has been terminated. Meanwhile, the MACD line and the signal line are above the 3.0 line which indicates strong buying signal. The crypto’s price is above the EMAs which indicate that price is in the bullish trend zone.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Litecoin is in a bearish trend. Presently, the crypto’s price is facing resistance at the $106 price level. The market is likely to retrace from the recent high of $106. If the price retrace to the support of the trend line, the price will continue its upward move. However, if the price breaks the trend line and another candlestick closes on the opposite of it; the market will commence a downward move. Meanwhile, the crypto’s price is trading at $10.56 as at the time of writing.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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