Litecoin Lacks Bullish Momentum, Unable to Resume Upside Momentum

[MRM]

Buyers have failed to scale above the $51 resistance in the last two weeks. This is given the overwhelming selling pressure above the $51 high.

The market failure to trend higher resulted in LTC’s range bound movement between $45 and $51. From the price action, the price is facing rejection at the 12-day EMA. The LTC will fall each time the price tests the exponential moving average. Sellers seem to have the upper hand as LTC falls to $48 at the time of writing.

Nonetheless, if sellers break below the $45 support, the market will decline and reach the $39 low. Meanwhile, the crypto is range-bound as the price continues its downward move. On the upside, LTC may rebound above $45 support if the support at $45 holds. In July, LTC rebounded above the support at $42 low.
Source: https://coinidol.com/litecoin-lacks-bullish-momentum/