Posted In: Forex Trading Posted On: 2019/06/02 17:49 PM Posted By: ituglobal
Long-term Trend: Bullish
· Resistance Levels: $105, $110, $115
· Support levels: $100, $90, $80
The LTC/USD pair is in the bullish trend zone. On April 3, the LTC market had been trading below the $100 resistance level before it was broken. During the month of April, the LTC market fell to a low at $70 support level. In the month of May, the bulls made an upward move and tested the $100 resistance twice before breaking it.
On May 24, the bulls broke the $100 resistance level to reach a high of $120 price level. The bulls were resisted at the $120 price level and price retraced to the support of the 12-day EMA. On the upside, if the 12-day EMA is holding, the crypto's price is likely to rise to retest or break the $120 resistance level.
On the downside, if the bears break below the EMAs or below the $100 price, the crypto's price will fall to either a low at $70 or $90 price level. Meanwhile, the coin has an opening balance of $78 in the month of May 2019. The crypto has a closing price of $114 as at May 31. This indicates that the LTC market appreciated by 46% of its capitalization in the month of May 2019. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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