LTC/USDT daily chart

LTC/USDT daily chart

Gate Trade LTC Saturday, May 23, 2020 1100 0

Litecoin (LTC) turned down from the downtrend line on May 20 and broke below the moving averages on May 21.

 

If the bears can sink and sustain the price below the critical support of $39, the head and shoulders pattern will completeIf the bulls can scale the price above the downtrend line, a move to $50.7864 is possible.

 

Conversely, if the LTC/USD pair again turns down from the downtrend line, the bears are likely to make another attempt to sink the price below $39. The pair remains weak until it does not break above the downtrend line.