LTC Technical Analysis: Litecoin Falls And Warns A Price Drop Under $40

A sudden turnaround in the LTC recovery rally breaks the $50 support. Will coin holders lose June bottom support at the $40 mark? Key technical points: The LTC market price has decreased by 16% over the past five days. The price action shows a V-top reversal from the $61 The 24-hour trading volume of Litecoin is $607 Million, indicating a rise of 14%. Past Performance of LTC Amid the widespread recovery in the crypto market last week, the LTC price surged 43.8% from the new 2022 low of $40.68. However, the bullish rally couldn’t surpass the combined resistance of the descending trendline and $60, triggering a minor correction. While the crypto got hit by another wave of selling pressure, the altcoin reverted and tumbled 16%. Source- Tradingview LTC Technical Analysis The V-top reversal breached the immediate support of $50, suggesting the LTC sellers are ready for another leg-down. The recent price drop breached the 20-day EMA slope providing an extra edge for short-sellers. Moreover, a bearish sequence among the crucial EMAs(20, 50, 100, and 200) projects an overall downtrend. The MACD and signal lines nearing a bearish crossover reflect a loss of bullish momentum. Thus, this crossover may attract more sellers to the market. The RSI indicator failed to sustain above the neutral line, indicating the sellers remain in charge and bolster a downfall to $40. In a nutshell, the LTC technical analysis shows a continuation of ongoing...