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Price analysis of Litecoin (LTC) – 29 October

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Price analysis of Litecoin (LTC) – 29 October

litecoin LTC-money-analysis-October-29

  • Litecoin has a strong impetus on the downward trend and seems to remain bearish.
  • Support levels are likely to be violated if Litecoin remains bearish.

Litecoin, LTCUSD, CryptoCompare chartLitecoin chart according to Trading View

LTCUSD Medium-term trend: bearish

Strength levels: $ 65, $ 67, $ 69

Support levels: $ 50, $ 48, $ 46

The LTCUSD pair has a downward trend in the last month. On 27 September, the price of the crypt dropped from a maximum of $ 65 to a minimum of $ 51. From the stochastic indicator, the price of Litecoin had been oversold. The stochastic is less than 20, which means that the LTC price has a strong downward momentum. It also means that the market will continue its fall.

Traders who had started short-term transactions should continue to negotiate. Long trades are not recommended until the Stochastic indicator leaves the oversold region. It is likely that the price of the crypt will break the price level of $ 50, which is the lowest level in the price range. Meanwhile, the price of Litecoin is lower than the 12-day EMA and the 26-day EMA indicating that the price is in a bearish trend zone.

Short-term trend LTCUSD: bearish

Litecoin, LTCUSD, CryptoCompare chartLitecoin chart according to Trading View

On the short-term trend, the price of Litecoin is in bearish trend. The price of Litecoin is lower than the 12-day EMA and the 26-day EMA indicates that the price is in the bearish trend zone. Furthermore, the period 14 of the relative resistance index is level 30, which indicates that the market is oversold and the bears are running out of their bearish pressure.

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

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