Litecoin (LTC) Price Analysis – February 12

Litecoin Chart by Trading View

LTCUSD Medium-term Trend: Ranging

  • Resistance Levels: $60, $65, $70
  • Support Levels: $40, $35, $30

The LTCUSD pair had been ranging above the $30 price level in the last three weeks. The 12-day EMA and the 26-day EMA were trending horizontally indicating the range bound movement. On February 8, the bulls broke the range bound movement as the price reached a high of $48.90 but pulled back to the $47.60 price level. On February 10, the bulls reached another high at the $48.10 price level but were resisted.

The LTC price is likely to reach the $60 price level but may face resistance at the $48 and $50 price levels. Meanwhile, the Stochastic is in the overbought region approaching the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.

LTCUSD Short-term Trend: Ranging

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

On the 4-hour chart, the price of Litecoin is in a bullish trend. Yesterday, the price of Litecoin was in a sideways trend after the bulls failed to continue with the bullish trend. At the low of $34, the crypto’s price was making a series of higher highs and higher lows. The crypto’s price reached a high of $48.90 but the price pulled back to the $43.65 price level.

The bullish trend is terminated because the bullish trend line has been broken and the following candlestick closed on the opposite of the trend line. The crypto’s price bars are ranging horizontally and are below the 12-day EMA. On February 10, the bulls tested the resistance level at the $48 and were resisted.

On the downside, if the bears break below the EMAs, the price of Litecoin will fall to its previous low at $34 price level. On the upside, the crypto’s price is likely to rise if the bulls sustain a price above the EMAs. Meanwhile, the Stochastic is above the 20% range which indicates that the crypto is in a bullish momentum and a buy signal.

 

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

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.