LTC/USD Analysis

LTC/USD Analysis

Gate Trade LTC Tuesday, March 10, 2020 465 20

The bears are aggressively defending the 20-day EMA. The sharp selling on Mar. 8 has plunged Litecoin (LTC) below the 200-day SMA, which is a huge negative. Currently, the bulls are attempting to defend the critical support at $50. 

If this support cracks, the LTC/USD pair can plunge to $40 and below it to $35.8582. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which suggests that bears have the upper hand.

However, if the bulls can defend the support at $50, the pair might again move up to $66.1486 and remain range-bound between these two levels. We will wait for a new buy setup to form before recommending a trade in it.