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Cryptoknowmics 2022-08-29 10:30:10

LTC Technical Analysis: Is A Dump below $50 on the Cards?

A morning star candle formation at the $52.2 support indicates the buyers are attempting price recovery. However, no significant jump in volume activity yet means a better confirmation is needed. Will LTC bulls wrestle trend control from sellers at this support zone, or there’s more in the correction rally? Key Points: The LTC price action displays a bearish candle showing a downtrend continuing below $5. The MACD indicator shows a downtrend in the fast and slow lines. With a market cap of $3.83 Billion, the intraday trading volume of Litecoin has increased by 58% to reach $544 million. Source- TradingView LTC Technical Analysis On August 18th, the LTC prices broke below the support trendline to continue the prevailing downtrend. Therefore, this breakdown should have positioned the price trend to revisit the $48.5. The falling prices maintain our bearish wedge pattern in the daily chart, with higher price rejection candles reflecting an increase in selling pressure. As a result, the prices revert from the resistance trendline, projecting a potential downfall in the coming days. Moreover, the supply pressure from the 50-day SMA reflects an increased possibility of a prolonged downtrend. Despite the general belief that the bearish veg pattern gives a bullish breakout, the litecoin prices may shortly dip below the support trend line. If the selling pressure grows, the LTC prices may shortly break below the psychological mark of $...

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