The findings of the following analysis are the sole opinions of the writer and should not be considered investment advicerecent rebound from the $52-baseline has well-positioned the coin to test the resistance barrier in the $62-$64 range. The rebound spurred near-term buying hopes. However, the resistance range has undermined the bullish efforts for the last three months while preventing the streak of green candles.
After a solid 20% growth from the lower boundary of the pattern, LTC saw reversal signs from the $64-region. These gains aided the coin in closing above its 20 EMA and the 50 EMA . A decline below the $62-level can help sellers provoke a pulldown towards the $58.6-level near the press time 20 EMA. Any close below this support could expose the alt to an extended decline. In this case, LTC could head towards the $53-zone before the bulls step in to boost the buying pressure.RationaleThe Relative Strength Index unveiled increasing buying edge, but plateaued at the 60-mark resistance. The bulls have struggled to find a comfortable close above this mark for over five months.
Bulls are under control 👀👆 Litecoin $LTC
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Source: CryptoAmb - 🏆 22. / 68 Read more »