Litecoin Price Analysis: LTC is right at the influential 55 EMA
- Litecoin is trading nearly 1% higher as crypto sentiment remains firm.
- The 55 Exponential Moving Average (EMA) has been used to great effect in the fast.
LTC/USD daily chart
Litecoin is having a good session on Thursday and trades almost 1% higher on the session. The main feature on the chart below is the fact that the price is heading toward the 55 EMA once again. Historically the price has reacted well and the EMA has been used as support and resistance many times.
The MACD is also looking more positive and the histogram looks like it's about to move above the zero line. The signal lines are also above the zero level which is also a bullish sign. The Relative Strength Index is also looking more positive as it has moved have the 50 mid-line and there is lots of space to move to the upside. Technically this is still a firm downtrend but we will need to see how far this correction can carry the pair.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
