Litecoin (LTC) Price Analysis – October 29
LTCUSD Medium-term Trend: Bearish
Resistance Levels: $65, $67, $69
Support Levels: $50, $48, $46
The LTCUSD pair is in a downward trend in the last one month. On September 27, the crypto’s price fell from the high of $65 to the low of $51. From the Stochastic indicator, the price of Litecoin had been oversold. The Stochastic is below 20 which means the LTC price has strong momentum on the downside. It also mean that the market will continue its fall.
Traders who had initiated short trades should continue trading. No long trades are recommended until the Stochastic indicator comes out of the oversold region. The crypto’s price is likely to break the $50 price level which is the lower level of price range. Meanwhile, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that the price is in a bearish trend zone.
LTCUSD Short-term Trend: Bearish
On the short term trend, the price of Litecoin is in a bearish trend. The price of Litecoin is below the 12-day EMA and the 26-day EMA indicating that the price is in the bearish trend zone. In addition, the Relative Strength Index period 14 is level 30 which indicates that the market is oversold and bears are exhausting their bearish pressure.
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