LTC/USD Medium-term Trend: Bullish
Resistance Levels: $140, $150, $160
Support levels: $120, $110, $90
Yesterday, July 3, the price of Litecoin was in a bullish trend attempting to break the EMAs and reach the bullish trend zone. Presently, the LTC market is in a bullish trend but below the 12-day EMA and the 26-day EMA. On the upside, if the bulls break above the EMAs, the crypto’s price will rise to retest the $134 and $140 resistance levels.
On the other hand, if the bulls fail to break the EMAs, the LTC price will be in a range bound move. From the Fibonacci tool, the price of Litecoin is in the downtrend zone of 0.50 Fib. retracement level. Yesterday, the price did not continue its fall to the 0.786 Fib. retracement level. Rather the LTC price is moving upward. The MACD line and the signal line are above the zero line which indicates a buy signal.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the LTC price is in a bullish trend. In the lower time frame, the LTC market is facing resistance at the $122 price level. The bulls have tested the resistance level on four occasions.
On each occasion, the price would fall to the support of the EMAs after testing the resistance level. Today the bulls have broken the $122 resistance and reach a high of $125. The price of Litecoin is retracing at a high of $126 price level. The MACD line and the signal line are above the zero line which indicates signal.
Source: bitcoinexchangeguide.com