Litecoin price downward correction ended on July 16 at the $80 price level. Will the LTCUSD pair rise and retest the $140 overhead resistance level? The following technical analysis reveals.
Litecoin Price Technical Analysis
In retrospect of the past week, Litecoin (LTC) price was trading in a bearish trend. The price of LTC was in a range-bound movement below the Exponential Moving Averages (EMAs). Litecoin price had been on a downward trend since June 23 after the bulls met resistance at the $140 price level. The bears broke the EMAs to reach the bearish trend zone.
On July 16, the downward trend was terminated at the $80 price level. The $80 support level was the previous low of April 11 and May 6. The support level was holding as the bulls made an upward trend towards the EMAs. The bulls were unable to break above the EMAs as the former continues to range below the EMAs.
On the upside, if the bulls break above the 12 and 26-day EMA, the price of Litecoin will rise and retest the $140 overhead resistance level. Nevertheless, LTC bulls are most likely to meet resistance at the $120 price level. The Moving Average 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
Looking at the 1-hour chart, LTCUSD price is in a range-bound movement. The 12 and 26-day EMA are sloping horizontally. On July 20, LTCUSD price rose to a high of $104 and the price dropped to the bearish trend zone. The MACD line and the signal line are below the zero line, indicating 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.