A look at the Weekly chart for Litecoin shows that the price is trading below the minor resistance area near $80.
It is trading above the 21 and 200-period moving average but below the 50 and the negative Ichimoku cloud. It is facing very close resistance from the 50-period MA.
It has made five bullish weekly candles in a row The closest resistance area is near $80, coinciding with the edge Ichimoku cloud, while the closest support area is near $28.
The RSI is at 56, indicating neither overbought nor oversold conditions, while the MACD has made a bullish cross and is moving upward and is almost positive.
A look at the 3-day shows that the price has finally broken out of the Ichimoku Cloud.
Furthermore, the 21 and 50-period moving averages have made a bullish cross and are offering support to price.
The MACD is into positive territory but seems to be losing strength.
On a negative note, there is some bearish divergence developing in the RSI.
A look at the Daily chart gives us a trading structure.
We can see that the price has been following an ascending support line for the past 101 days.
It also shows us the minor support areas near $49 and $42 and a minor resistance area near $65.
The chart shows a more pronounced bearish divergence in the RSI.
Furthermore, there is some divergence developing in the MACD, which has made a bearish cross and is moving downward.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that the price has been trading inside an ascending wedge for the past 17 days.
Furthermore, there is a very pronounced bearish divergence developing in the RSI.
I believe that during the next week the price will break down from the ascending wedge and fall to the support area near $48.
- There is resistance near $80 and support near $28.
- There is a medium-term bearish divergence.
- The price is trading inside an ascending wedge.
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