Litecoin price is correcting higher bears exerted intense pressure on the coin. The LTCUSD pair could face resistance near $53.00 level.
Litecoin Price Medium-term Analysis
On October 23, the price of Litecoin (LTC) traded in a bearish trend. The bears exerted intense pressure on the support levels of $50 and $51 and broke below them. The downward trend continued until a low was formed at the $47 support level. As a result, the price resumed an upward correction. At the time of writing, Litecoin price is correcting higher while trading at the $50 level.
On the upside, if more buyers emerge, we could see a buyback with $53 resistance before breaking the channel at $56, $58 and $60 levels. On the other hand, if the bulls fail to break the resistance levels, the coin will drop towards the $48 and $47 support levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
LTCUSD Price Short-term Analysis
On the 1-hour chart, LTCUSD price is bearish movement below the 21-day Moving Average (MA). The pair has moved horizontally after falling from its range. Yesterday, the coin traded in the upward, with 0.95% gains.
If the price level can be maintained, we could see a buyback with $51 and $53 resistance levels. In the meantime. the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $56, $58, $60
- Support levels: $48, $47, $45
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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