A look at the Weekly chart for Litecoin shows that the price is trading right at the minor resistance area near $55.
It is trading above the 21 and 200-period moving average but below the 50 and the negative Ichimoku cloud.
Last week’s candle was a bullish engulfing one, while this week is turning out to be a doji.
The closest resistance area is near $80, coinciding with the Ichimoku cloud, while the closest support area is near $28.
The RSI is at 54, indicating neither overbought nor oversold conditions, while the MACD has made a bullish cross and is moving upward, but is not positive yet.
A look at the 3-day chart gives us a trading structure.
We can see that the price has been following an ascending support line since December 18.
Furthermore, the price has recently broken out of the negative Ichimoku cloud.
The 21 and 50-period moving averages have made a bullish cross and are offering support to the price.
The MACD is into positive territory.
On a negative note, there is some bearish divergence developing in the RSI.
A look at the Daily chart shows us the minor support areas near $49 and $42 and a clearer depiction of the resistance area near $55.
The chart shows a more pronounced bearish divergence in the RSI.
Furthermore, there is some divergence developing in the MACD, which is in the process of making a bearish cross and moving downward
Short-Term Outlook and Price Prediction
A look at the 6-hour chart mimics the predictions in the daily one.
There is an even more pronounced bearish divergence in the RSI and the MACD, the latter of which is almost negative.
LTC Price Prediction:
I believe that during the next week the price will fall to the support area near $48 and eventually to the ascending support line.
- There is resistance near $80 and support near $28.
- There is a medium-term bearish divergence.
- The price is trading above most moving averages.
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