Litecoin price is bearish and if the bearish trend continues, the price of LTC will drop to the previous low of $80 level. What more? The following technical analysis explains.
Litecoin Price Technical Analysis
Yesterday, July 24, Litecoin (LTC) price was still trading below 12 and 26-day Exponential Moving Averages (EMAs). If the price of Litecoin continues to range below the EMAs, the LTC price will hover near the $100 price level. On the downside, if the bearish trend continues, the price of LTC will drop to the previous low of $80 level.
However, if the bears test and break the $80 price level, Litecoin price will plummet to the lows of either of $40 or $60 price level. On the upside, if Litecoin price breaks the EMAs, it will climb and retest the $140 overhead resistance level. Nevertheless, LTC bulls are 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, indicating a sell signal.
LTCUSD Price Short-term Analysis
Looking at the 1-hour chart, LTCUSD price is in a bearish. The 12 and 26-day EMAs are sloping southwardly. As the chart shows, LTC bulls have failed to break above the $104 price level and the price declined to the low of $91 level. If the bearish trend continues, the price of LTCUSD will find support at the $90 price level. The MACD line and the signal line are below the zero line which suggests a sell signal.
- Resistance Levels: $100, $110, $120
- Support levels: $80, $70, $80
Disclaimer
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.
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