Crypto Technicals: LTC/USD struggles to extend gains, recovery lacks technical support

LTC/USD chart - Trading View

Exchange - Coinbase

Support: 52.00 (Trendline); Resistance: 61.68 (5-DMA)

Technical Analysis: Bias Bearish

Litecoin is struggling to extend gains, was trading 1.51% lower on the day at 56.66 at 07:30 GMT.

LTC/USD recovery attempts lack technical support, scope for more downside.

Momentum strongly bearish, GMMA shows bearish trend across all intraday charts.

2H 20-DMA capping upside, formation of Doji (06:00 GMT) and spinning top (22:00 GMT, 26th) adds to stiff upside resistance.

'Death Cross' (bearish 50-DMA crossover on 200-DMA seen across multiple time frames (Daily, 1H, 2H, 3H).

Resumption of weakness will see test of trendline support at 52.00 ahead of 78.6% Fib at 48.67 and then 42.40 (Feb 27 low).

2H 20 SMA is immediate resistance at 57.01. Break above 2H 21-EMA (58.48) to see minor upside.

TokenPost | [email protected]