2019-2-1 09:55 |
Yesterday, January 31, the price of Litecoin was in a bearish trend zone. While in a bullish trend, it reached the high of $32 and was resisted. The resistance at the $32 price level caused the price of Litecoin to fall to the bearish trend zone. It was earlier suggested that the crypto will face resistance at the $34 price level. Today, the crypto is trading at $31.46 and may revisit the low of $30 price level.
The $30 price level had been holding since January 13 and may not be easily broken by the bears. However, if the $30 price level is broken the crypto will find support at the $28 price level. Meanwhile, the stochastic is out of the overbought region but above 60% range. This indicates that the LTC price is in a bearish momentum and a sell signal. Also, the crypto’s price is below the EMAs which indicate that price is in the bearish trend zone.
LTC/USD Short-term Trend: BearishOn the 1-hour chart, the price of Litecoin is in the bearish trend zone. Yesterday, the bears broke the EMAs to reach the bearish trend zone as the crypto was resisted at $32 price level. The crypto is falling and approaching the low of $30 . Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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