Litecoin price analysis

Litecoin

LTC

tickers down

$83.74

is struggling to start a bounce off the strong support at $81.36, suggesting a lack of demand at higher levels.

LTC/USDT daily chart. Source: TradingView

The downsloping 20-day EMA ($86.90) and the RSI in the negative territory indicate that bears are in command. If the LTC/USDT pair skids and sustains below $81.36, it will signal the resumption of the downtrend. The next support on the downside is $76 and then $72.

Alternatively, the first important resistance to watch on the upside is the 20-day EMA. If buyers propel the price above $87.37, it will suggest the start of a stronger recovery to $96.46. This level may again attract strong selling by the bears.

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