LTC–USD daily chart

LTC–USD daily chart

Gate Trade LTC Saturday, April 4, 2020 709 0

Litecoin (LTC) broke above the 20-day EMA at $40.69 on April 2 but the bulls could not scale the price above the horizontal resistance at $43.67. However, if the price sustains above the 20-day EMA, we anticipate the bulls to make another attempt to push the price above $43.67.

LTC–USD daily chart. Source: Tradingview​​​​​​​

LTC–USD daily chart. Source: Tradingview

If successful, we anticipate the start of a new uptrend. The first target to watch on the upside is $52.55 and if that is crossed, a move to $63.8769 is likely. Therefore, we retain the buy recommendation given in the previous analysis.

Our bullish view will be invalidated if the LTC/USD pair fails to break above $43.67. In such a case, it might extend its stay inside the $35.8582-$43.67 range. The pair will turn negative on a break below $35.8582.