- Litecoin passed a crucial test and held a major support level of $150
- It looks like LTC is now on another bullish trend, testing a resistance of $162 once again
- On the downside, the coin is trading below its 20-day moving average
Litecoin Showing Strength
For the past few days, Litecoin has shown tremendous strength, breaking above its previous resistance point of $150. Continuing this momentum, LTC price was able to hold a major support of $150 earlier today, after which it formed a sizable bullish trend line on its way up to a daily high of $162.33.
Currently, another bullish trend has formed, testing a resistance of $162 once again, while a head-and-shoulders pattern was created along the way. This also sets up a major support level at $156.
However, the coin is trading below its 20-day moving average, so there’s a possibility LTC could go down in the next hours. This sentiment is also evident in the patterns shown in the MACD graph
Looking at the Technical Indicators:
- MACD — weak bearish signal
- Exponential Moving Average — bearish signal
- Major Resistance Level — $162
- Major Support Level — $156
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