Litecoin market overview: LTC/USD nosedives on the attempt to break the triangle resistance

  • Litecoin reverses sharply after failing to break triangle resistance at $64.
  • Litecoin bears are back in action targeting $58 short-term support.

Litecoin was unable to defend the support at $60 towards the end of last week. The price refreshed levels towards the next short-term support at $58. Inline to offer additional support was the 100 SMA on the 4-hour and the ascending trendline.

A broader look on the chart shows LTC having maintained an uptrend despite the drop from highs around $66. Besides, a third attempt to snap out of the rising triangle has been met with increasing selling pressure. LTC/USD is hovering above $62 as sellers swing into action with a target set on refreshing $58 support.

Technically, the price is likely to stick in the downtrend in the coming sessions. The RSI’s downward slope doubles down on the ongoing retreat. On the other hand, the MACD is sitting in the positive region. However, the incoming bearish close suggests that selling entries are about to increase. A part from the support at $60 and $58, $48 - $50 is the next viable support area.

LTC/USD4-hour chart

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