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Litecoin (LTC) Price Analysis – October 8



Litecoin (LTC) Price Analysis – October 8
Litecoin Chart by Trading View


LTCUSD Medium-term Trend: Ranging



Resistance Levels: $63, $65, $67                                                                                                                       

Support Levels: $55, $53, $51

On September 27, the LTCUSD pair reached the high of $65 in a bullish trend. However, since the cryptocurrency was range bound between the levels $50 and $65, the LTC price was resisted. On October 28, the LTC price commenced a downward trend until October 3, at a price of $57. The LTC price has been range bound at the lower level of the price range.

Nevertheless, the LTC price is expected to reach the upper level of price range. Traders can initiate long trades at the price of $58 and a stop loss order below the $50 price level. You can exit your trade at the upper level if the price reverses. Meanwhile, the LTC price is still in the bearish zone as the price is below the 12-day EMA and the 26-day EMA which indicates that the price was previously falling.

The MACD line and Signal line are above the zero line which indicates a buy signal.

LTCUSD Short-term Trend: Ranging     



Litecoin (LTC) Price Analysis – October 8
Litecoin Chart by Trading View
  

On the 4-hour chart, the LTC price is in a range bound movement. The price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates the price is rising. The Relative Strength Index period 14 is level 50 indicates that the price is in a sideways trend zone.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.          



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