LTC Technical Analysis: Rising Channel Breakout Warns Litecoin Holders

The LTC technical analysis displays a bearish breakout of a rising channel teasing a downfall to the $48 mark or even lower. The LTC price action displays a bullish failure to sustain the rising channel pattern resulting in a drop below the support trendline. Moreover, the sike in the intraday trading volume supporting the breakout rally increases the chances of a price drop below $48. So, should you consider taking a short position? Key Points: The Litecoin prices show a bearish trend breaking the rising channel. The reversal from the 100-day EMA challenges buyers at $50. The intraday trading volume in Litecoin is $540 Million. Source-Tradingview LTC Technical Analysis The LTC price displays the bearish reversal from the 100-day EMA, breaking the 50-day EMA and the bullish pattern in the daily chart. The fallen rising channel has accounted for a price jump of 44%, but the lost bullish dominance at the support trendline signals a selling opportunity. The bearish candle of 8.97% drop gives the mentioned bearish breakout, but the lack of follow-through is evident by the numbers of lower price rejection candles. However, with the reversal from the 100-day EMA, the bearish influence over the 50 and 100-day EMA increases. Currently, the intraday trading volume spikes, but the lack of bearish follow-through lights the bullish reversal hope. After the expected retest shows sustainability below the breached support trendline, the LTC ...