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Crypto Technicals: LTC/USD pauses downside, bullish RSI divergence raises scope for upside
LTC/USD chart - Trading View
Exchange - Coinbase
Support: 42.50 (Trendline); Resistance: 45.51 (5-DMA)
Technical Analysis: Bias turning neutral
Litecoin has paused downside above trendline support (42.50), bias is turning neutral.
LTC/USD was trading 0.65% higher at 44.98 at 10:40 GMT, after closing largely unchanged in the previous session.
The pair has formed successive Dojis at lows denting continuation of the downtrend.
Furthermore, 'Bullish Divergence' on RSI seen on the hourly charts raises scope for further gains.
5-DMA is immediate resistance at 45.51. Break above could see gains till 21-EMA at 49.24.
That said, LTC/USD has been on a downward spiral since June 2019 and major and minor trend for the pair remain bearish.
The pair finds strong support at trendline at 42.50. Break below will see drag till 36.29 (88.6% Fib).