Litecoin is in a firm bear grip. It broke its support at $32 and fell to a low of $28 on Nov. 25. There has been no reasonable pullback since the decline started on Nov. 14, which shows a lack of buying interest by the bulls. Below $28, the next support is at $20, but considering the oversold readings on the RSI, we anticipate a pullback within the next few days.
On the upside, the recovery will face a stiff hurdle at the 20-day EMA. I do expect the LTC/USD pair to form a range before starting a new uptrend. Until then, I suggest traders remain on the sidelines.
On the upside, the recovery will face a stiff hurdle at the 20-day EMA. I do expect the LTC/USD pair to form a range before starting a new uptrend. Until then, I suggest traders remain on the sidelines.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.