LTC Technical Analysis: Reversal in Litecoin Warns Drop Below $50

The LTC price reverts from the 100-day EMA within the rising channel pattern teasing a drop below the 50-day EMA and the $50 mark. The reversal from the 100-day EMA in the rising channel pattern tests the 50-day EMA to reach the support trendline. However, the declining market condition due to the increasing inflation teases a fallout of the rising channel. So, should you reconsider buying at the support trendline? Key Points: The Litecoin price action shows a rising channel pattern. The falling prices approach the 50-day EMA teasing a prolonged correction. The intraday trading volume in Litecoin is $1.003 billion. Source – TradingView LTC Technical Analysis The prices rose 24.5% to a record high of $67.5, thanks to a positive recovery from a support level of $52.7. The technical chart so reveals that the price of Litecoin (LTC) has broken over the multiple-month barrier of $64.7. Over the last three months, the price has repeatedly reversed against this resistance level. A bullish breach from this barrier will present an extended opportunity for interested traders with the proper increase in volume activity. Investors must watch for a daily candle to close over this barrier, which might drive Litecoin prices up to $70.5. The LTC has also fallen below the previously indicated barrier and lost most of its intraday gains. A long-wick rejection at the previously noted significant border ($64.7) is, therefore, adverse for buyers a...