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Crypto Technicals: LTC/USD halts downside at strong trendline support, breakout above 21-EMA to confirm near-term upside

LTC/USD chart - Trading View 

Exchange - Coinbase

Support: 55.29 (20-DMA); Resistance: 63.90 (55-EMA)

Technical Analysis: Bias Neutral

LTC/USD confined to narrow ranges, forms 'Doji' on the daily candle at the time of writing.

The pair was trading at 55.24 at 11:10 GMT, after hitting session highs at 55.78 and lows at 53.75.

Bullish divergence keeps scope for upside, Stochs and RSI are now biased higher.

Constriction of shorter-term moving averages seen on the GMMA indicator, shows possible shift in near-term trend.

Breakout above 21-EMA will support gains. Next hurdle on the upside lies at 50-DMA at 62.77.

5-DMA is immediate support at 54.46. Break below trendline support (52.25) negates upside bias.
 

By Anupama Grandhi
  • Market Data
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