LTC/USD Medium-term Trend: Ranging
Resistance Levels: $54, $55, $56
Support Levels: $52, $51, $50
Yesterday, August 20, price of Litecoin was in a sideways trend . Price of the cryptocurrency fell to the low of $55.78. Today, the LTC price is now in a downward trend, and the price has fallen to the low of $53.28. However, if the downward trend continued price of Litecoin would revisit the previous low of August 14. Traders should look out for buy setup as the price falls to the previous low.
Nevertheless, the MACD line and the signal line are at par with the zero line which indicates a sell signal. Also, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 39 which indicates that price has reached the oversold region suggesting bulls to take control of the market.
LTC/USD Short-term Trend: Ranging
From the 1-hour chart, the LTC price is in a bearish trend. The price of Litecoin has fallen to the low of $53.28 but it has begun a bullish movement to come to the previous high of the market. Meanwhile, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.
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