Litecoin’s [LTC] near-term trajectory could depend on this factor

But the $62-$64 range has been shunning the bullish efforts while preventing a swift buying rally. As a result, the altcoin quickly dropped below the EMA ribbons to project strong selling momentum.

After a brief compression phase near the boundary of the EMA ribbons, the crypto finally saw a bearish breakout below the ribbons. Now, LTC has found immediate support around the $53.7-zone. An immediate rebound from the $53-mark can help buyers provoke a slow-moving phase near the EMAs. Any close below this support could expose the alt to an extended pullback. In this case, LTC could head toward the $50-zone before the bulls step in to stimulate the buying pressure.The southbound Relative Strength Index revealed a robust selling edge. A continued pullback would only favor the sellers in the days to come.

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Source: CryptoAmb - 🏆 22. / 68 Read more »