Litecoin price analysis: LTC/USD breaks trendline resistance
|- LTC/USD rebounds from $77.50 support: brushes shoulders with $85.00.
- With the increasing MACD divergence, LTC is likely to stay above $80 in the near-term.
Litecoin has is reacting in the same way as other cryptos in the wake of the acute losses recorded yesterday. LTC/USD extended the losses below $100 which further squeeze through the next target. Support has since been established at $77.50 giving way for a reversal above the 50 Simple Moving Average (SMA).
A correction above $80 has cemented their bulls influence on the price. LTC/USD has brushed shoulders with $85.00, although it has a market value of $84 at press time. Despite the correction, the selling pressure is still high making movement towards $90 difficult.
The Relative Strength Index (RSI) is gradually retreating from the overbought. The diminishing buying power suggests that the bulls are getting exhausted. The wider divergence in the Moving Average Convergence Divergence (MACD) is a key indicator for prevailing bullish pressure. Therefore, there is a higher chance that LTC will stay above $80 support in the near-term.
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