Litecoin: Stuck below a resistance, here’s what it needs to do to trigger a 10% jump

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

As foreseen in the previous article, the 13 April break from its reversal pattern led Litecoin (LTC) to test the $114-zone over the last week. Still constricted by the shackles of its 20 EMA (red), LTC dived to retest its two-month trendline support (green).

A likely repetition of its historical tendencies would expose LTC to a reversal towards the $110-$112 zone before entering a squeeze phase. At press time, LTC traded at $104.42, down by 1.72%in the last 24 hours.

Source: TradingView, LTC/USD

LTC’s market structure was wobbling from the after-effects of the recent falling wedge (white) drop, as LTC was unable to advance above key resistance levels. Moreover, the trendline resistance (white, dashed) has served as an important area of value for the investors/traders.

After the buyers guarded the 14-month-long support near $98, LTC saw an over 45.9% ROI from its yearly low on 24 February. But with the 23.6% Fibonacci resistance posing limitations, the sellers quickly pushed the price below the 20/50 EMA.

Also, while the 200 EMA (green) still looked south, the bears kept the long-term trend under their influence. Considering the intersection of the trendline support and the horizontal floor at the $104-mark, in addition to the falling wedge (green), LTC positioned itself for a short-term revival. But with the increasing gap between the 20 EMA and 50 EMA, the sellers would likely curtail substantial recovery attempts.

Source: TradingView, LTC/USD

LTC’s indicators skewed in favor of the bears. The Relative Strength Index is crammed near the 40-mark floor. A revival from this level would heighten the