Litecoin (LTC) Primed For Double Digit Decline In The Weeks Ahead

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Litecoin (LTC) has been on a roll for the past few weeks. The hype and FOMO around its next halvening in August, 2019 has played well in favor of LTC/USD and we have seen the price rise significantly in the past few weeks compared to other coins. That being said this rally has now come to a halt as the price is about to run into a strong resistance. We do not expect LTC/USD to break past the 50 week moving average. Stochastic RSI on the weekly time frame for LTC/USD indicates that the price is due for a strong decline to the downside in the weeks ahead. Of course, the Stochastic RSI is just one indicator but other factors point to the same conclusion. The price lacks the momentum to break past the 50 Week MA and has already faced a strong rejection at the 61.8% Fib retracement level. The last time LTC/USD was in a similar position was in March, 2015 when the price had topped out on the weekly time frame and was ready for a move to the downside. This time, the price is once again close to running into a strong trend line resistance. There is a high probability that it will have the same effect and we might see LTC/USD retrace all the way down to its December, 2018 lows. Given the intensity of this move, we expect LTC/USD to fall slightly lower and make with a weekly wick extending to $20. This would…
Source: Litecoin (LTC) Primed For Double Digit Decline In The Weeks Ahead

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