LTC/USD Medium-term Trend: Ranging
Resistance Levels: $66, $68, $70
Support Levels: $48, $46, $44
Yesterday, October 31, the price of Litecoin was in a sideways trend. The digital currency had been on a bearish trend in the last three weeks. The crypto’s price fell to the low $48.84 and commenced a range bound movement. On October 31, the price of Litecoin made a bullish movement and reached a high of $50. Price is above the 12 –day exponential moving average and it is expected to rise.
Traders are to initiate long trades at the price of $50 and a stop loss order below the $50 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Litecoin is below the 26-day EMA which indicates that price is in the bearish trend zone.
LTC/USD Short-term Trend: Ranging
On the 1-hour chart, LTC price is in a sideways trend. On October 31, the crypto’s price made a bullish movement to the high of $50.70. Price is now above the 12-day EMA and the 26-day EMA indicating that price is rising . The MACD line and the signal line are above the zero line which indicates a buy signal.
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