In this Litecoin price analysis, the LTCUSD pair will further depreciate to a low at $110 or $120 level if price retraces and breaks below the EMAs. What else is expected?
Litecoin Price Analysis
In retrospect, Litecoin (LTC) price was trading in a bullish trend zone last week. Since June 11, the price of Litecoin has reached a high of $140 overhead resistance, still, the bulls have been unable to break above the resistance level. The 12-day and 26-day Exponential Moving Averages (EMAs) are pointing northward, which is an indication that Litecoin price is in a bullish trend. Every time LTC bulls tested the overhead resistance the price would drop to the 12-day EMA support level.
Today, June 24, Litecoin price is retracing after testing the overhead resistance. On the downside, if Litecoin price retraces and breaks below the EMAs, it will further decline to a low at $110 or $120 price level. On the other hand, Litecoin price will rise again to retest the $140 overhead resistance if the 12-day EMA support level holds. The Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which suggests a buy signal.
LTCUSD Price Short-term Analysis
As the 1-hour chart shows, LTCUSD price is in a bullish trend. The 12-day and the 26-day EMAs are dropping horizontally below the $144 price level. Just last week, LTC bulls tested a $144 price level and the price dropped to the support of the 12-day EMA.
Litecoin price reached the $144 resistance level after three attempts but was repelled and the price dropped to reach a low of $138 price level. The MACD line and the signal line are below the zero line. indicating a sell signal.
- Resistance Levels: $140, $150, $160
- Support levels: $130, $120, $110
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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