- The 50 SMA cross below the 100 SMA points towards further losses in the short-term.
- Litecoin bulls must defend the range support to avoid declines below $50.00.
Litecoin price made considerably gains last week clearing the resistance to step above $55.00. However, the upside move was short-lived as the bears flocked the market pushing for a pullback. LTC/USD has since last week Wednesday, been languishing below a descending trendline.
The price is currently within range with the upper limit (resistance) at $51.55 and the lower limit (range support) at $50.09. The ongoing bear move threatens to break the range support mentioned. Moreover, the upside is immediately restricted by the bearish trendline support. The death-cross made around $53 spells doom for this digital asset. The bearish trend is likely to continue with declines breaking below $50.00 in the near-term.
The RSI signals that the bear trend will not reverse anytime soon. Besides, the MACD signal line is stuck in the negative region since Wednesday last week. A look at the chart shows that the path of least resistance is to the downside, for now. The bulls have task to defend the range support, otherwise LTC/USD will slide below $50 and risk further breakdown towards $45.
LTC/USD 1-hour chart
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