LTC/USD Medium-term Trend: Ranging
• Resistance Levels: $66, $68, $70
• Support Levels: $40, $38, $36
Yesterday, February 13, the price of Litecoin had continued its sideways trend. It has been ranging above the 12-day EMA in the past five days but the bears had broken below the EMAs. The crypto’s price fell to the low of $41.70 and immediately commenced a bullish movement. The bulls were attempting to break above the EMAs.
If they do, the crypto’s price will be in the bullish trend zone. The crypto may rise but will face resistance at the $48 price level. If the crypto’s price remains in the bearish trend zone, it may resume its downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is below the EMAs which indicate that price is in the bearish trend zone.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Litecoin is in the bearish trend zone. On February 13, the bears broke the 12-day EMA and the 26-day EMA to reach the bearish trend zone. The price fell to a low of $41.71 and commenced a bullish movement. The bulls were resisted at the 26-day EMA and price fell back into the bearish trend zone.
It is likely the crypto’s price will further depreciate if the price remains in the bearish trend zone. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
Source: bitcoinexchangeguide.com