Litecoin Price Analysis: LTC/USD marks 6% loss on failures to cross 50-day EMA
|- LTC/USD registers heavy declines after failing to cross the key resistances.
- 21-day EMA, short-term rising trend line limit further downside.
- 50% Fibonacci retracement, 200-day EMA on the buyers’ radars beyond 50-day EMA.
Having failed to take out 50-day EMA, LTC/USD slumps 6.0% to currently around 43.66 amid the early Good Friday.
The pair currently drops towards a 21-day EMA level of 42.58 whereas an ascending trend line from March 16, near 41.50, could restrict the pair’s further declines.
Should there be a clear break below 41.50, 40.00 and 23.6% Fibonacci retracement of the pair’s February-March downside, at 39.00, will be luring the sellers.
On the flip side, a 38.2% Fibonacci retracement level of 47.67 will act as an extra filter to the pair’s upside attempts beyond a 50-day EMA level of 46.85.
In a case where the bulls manage to remain strong beyond 47.67, 50% Fibonacci retracement near 54.70 and 56.45, comprising 200-day EMA, will be important to watch.
LTC/USD daily chart
Trend: Pullback expected
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