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Crypto Technicals: LTC/USD breaks below 21-EMA, eyes 50-DMA at 57.28

LTC/USD chart - Trading View 

Exchange - Coinbase

Support: 57.28 (50-DMA); Resistance: 61.22 (55-EMA)

Technical Analysis: Bias bearish

LTC/USD was trading 2.04% lower on the day at 59.57 at 04:50 GMT, slightly above session lows at 59.04.

The pair has broken below 21-EMA support at 60.00 raising scope for further downside.

Technical indicators support weakness. Stochs and RSI are sharply lower and RSI has slipped below the 50 mark.

MACD is on verge of a bearish crossover on signal line. 

Immediate support lies at 5W SMA at 59.29. Dip till 50-DMA at 57.28 likely. 'Bullish Divergence' may limit downside. 

On the flipside, 55-EMA is major resistance at 61.22. Break above finds next resistance at 100-DMA at 65.05.
 

By Anupama Grandhi
  • Market Data
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