#Litcoin
#LTC
#Cryptocurrency
#Bitcoin
Litecoin is showing really positive signs since the resurgence of Bitcoin. LTC/USD pair was trading at $82 on Tuesday and it grew by 6% to trade at $89.35 on Wednesday. The price has corrected slightly since then and it is now trading at $87.
We feel that the price is still in a range bound movement. The 40-day chart below shows that the price of Litecoin has fluctuated between the low of $74 and the high of $89. The bulls took the coin to the recent high of $89.49 yesterday where we found strong selling pressure. Crossing the $90 psychological level would have shown that the bulls were in charge but the correction suggests that LTC will continue to fluctuate in a cycle.
Bears that shorted yesterday at the resistance level have probably made partial gains from the LTC price drop. We do not expect the price to drop too low but the support level at $82 is a good place to make your bets. Bears in the short-term may test LTC prices at this support level. We believe anything below $82 for LTC is a buy.
At the current price of $87, the MACD line and the signal line are both below the zero line. This indicates a sell signal. We should also consider the 12-day EMA and the 26-day EMA. Both these lines are neither above nor below the price of Litecoin which further suggests that LTC is in a range-bound movement
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