Litecoin (LTC) Price Analysis – June 7
Litecoin Rebounds Above $100 After Surging 15.20%
Published on Friday June 7, 2019
LTC/USD Medium-term Trend: Bullish
Supply levels: $124, $128
Demand levels: $112, $104
Litecoin has resumed a positive move over the past 24-hours after the ten days decline, flooring the price at $98 area. The buyers are now in control of the market as they move closer to the $124 and $128 supply levels. The upward movement is revealed on the 4-hours RSI.
If the price drops, the token may reverse the trend toward the $112 and $104 demand level. As revealed on the 4-hours MACD, the LTC market is about to cross-over to the positive zone. A successful cross could lead the bulls to the target supply levels. At the moment, Litecoin follows a bullish channel pattern.
LTC/USD Short-term Trend: Bullish
After following a long bearish scenario, Litecoin saw a bullish breakout after testing the upper channel. The token is now trading at $120 price level. With the current appearance, the bulls have stepped into the market. Looking at the 4-hours, the LTC trading is revealed in the overbought area. The closest key supply lies at $123 and $126.
If a retracement occurs, we can expect the price to drop to $116 and $112 demand levels. A further drop below these levels could fall the market back in the descending channel. However, the recent price increase was revealed in the positive zone.