Litecoin price has been in a downtrend for some time now. The bulls attempted to break above the resistance at $72 but they were resisted.
Yesterday, September 5, the price of Litecoin (LTC) was in a bearish trend zone trading below the 20-day Exponential Moving Average (EMA). Litecoin price reached the bearish trend zone after the bulls failed to break above the resistance at $72. At the time of writing, the market is trading at the $67 price level.
On the downside, if the bulls fail to break the EMA, the coin will plummet to $62. On the upside, if the bulls break above the EMA, the crypto’s price rise will rise to retest the $72 resistance level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, LTCUSD price is bearish. The 20-day EMA is sloping downward. On July 27, the bulls met resistance at the $96 price level and the pair declined on a downward correction to the low of $88. The price of LTCUSD is trading between the levels of $65 and $67. The MACD line and the signal line are above the zero line which indicates a buy signal.
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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