LTC/USD Medium-term Trend: Bullish
- Resistance Levels: $66, $68, $70
- Support Levels: $30, $28, $26
Yesterday which was Tuesday, January 22, the price of the Litecoin crypto coin was in a bullish trend zone. The bulls defended the price level of $30 as the bears couldn’t break it. From the bearish trend zone, the bulls broke the 12-day Exponential Moving Average (EMA) and the 26-day Exponential Moving Average (EMA) to see that it reaches the bullish trend zone.
Today, being Wednesday, January 23, the bulls have reached the $32 price level and it is expected that it reaches the $34 price level.
This is by any chance, the bulls break the $34 price level, the Litecoin (LTC) price would be out of the price range of $31 and $34 price levels.
Also, the stochastic is placed in the overbought region but above the 80% range which indicates that the crypto-coin is in a strong bullish momentum and that indicates a buy signal.
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LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Litecoin (LTC) crypto coin was in a bullish trend zone. The 12-day EMA and the 26-day EMA are trending towards an upward direction which indicates that the price is likely to rise.
Crypto traders are to initiate long trades at the $30 price level as the crypto’s price holds at the support level.
Meanwhile, the stochastic is currently out of the overbought region but it is below the 60% range which indicates that the cryptocurrency is in a bearish momentum and that passes a signal to sell.
We wish to state here that the views and opinions expressed here do not reflect on that of MakingMoneyInNigeria.com.ng and therefore they do not constitute financial advice. We would always advise you as a crypto trader to make your own research.