LTC/USD Market
Important Levels:
Resistance levels: $114.95, $129.51, and $132.56
Support levels: $110, and $101.90, $97.42
Moving sideways on the LTC/USD chart, the crypto price has fallen to $112 and may soon find even lower support. After the price fall in the past weeks, LTC price trapped, but it is presently trading below the 9 and 20-day EMAs (Exponential Moving Averages) and may continue to fall lower below the present support level, which may eventually see the crypto likely finding new resistance levels of $129.51, $114.95, and $97.42.
LTC price trapped, but will soon resume moving downwards
LTC price appears to follow a particular direction; displaying irregular movement with many highs and dips. Since the beginning of this week, LTC/USD hasn’t been able to keep a consistent upward movement as RSI (Relative Strength Index) has fallen below the level 40, and currently heading towards the level 30, which indicates that a bearish trend is on, making LTC price trapped around the resistance level of 100.50.
Otherwise, an upward step back up will probably move the market back above the 9-day EMA with the possibility of breaking the resistance level of $114.95 upwards. And this could mean that the trend has reversed.
Considering the current state of LTC, this reveals that the downward are committed to pulling LTC price below the 9 and 20 moving averages, which is why the RSI is below the level 40, and specifically at level 38.03. Going by this, LTC is likely to fall further should sellers contribute more pressure to the market, than those from the buyers.
Nevertheless, since the RSI seems to be heading towards even below level 30, and if sellers should maintain the present control, the LTC price will keep falling, and as the crypto price action falls under the 9 and 20 Exponential moving averages, the price may fall below the already reached support level.
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