Litecoin price is in a bullish trend in the medium-term and still trading well below the main $60 resistance level.
Litecoin Price Medium-Term Analysis
Yesterday, October 9, the price of Litecoin (LTC) was in a bullish trend. LTC bulls broke out from a narrowing range-block pattern but the price action is capped to the upside at $59 level and supported the downside at $55 level, within tight conditions.
Last week, Litecoin price corrected below the $55 level and was well supported above the $52.50 level. However, the bulls recovered and broke above the $55 and $56 resistance levels. Litecoin price is trading at $58 at the time of writing and is likely to face resistance at the $60 level.
On the upside, if more buyers emerge, the crypto’s price rise will rise to $62.50 resistance level. On the other hand, if the bulls fail to break the resistance, the coin will decline to the support level of $57.
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, the LTCUSD price is consolidating above the $57 support level. On the upside, the price of LTCUSD must surpass $60 and $62 for a decent increase. Nevertheless, it won’t be easy for the bulls to push the price above $64.00 and $65 in the short-term.
In the meantime, MACD line and the signal line are below the zero line which indicates a sell signal.
Resistance Levels: $60, $62, $64
Support levels: $56, $52, $50