Is Litecoin (LTC) Still A Strong Buy?

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Litecoin (LTC) has lost its bullish momentum once gain as the price has now retraced back below the 10 Week EMA. The longer the price remains below the 10 Week EMA, the higher the probability that it may eventually break below its support. Currently, we do not see any strong probability of that happening in the near future. However, if the price fails to break the 10EMA resistance, then that will be the inevitable consequence. Even though Bitcoin (BTC) and some large cap coins managed to break through their downtrend resistances before, Litecoin (LTC) is still struggling to break past its 10 Week EMA. In fact, LTC/USD has continuously been rejected by the 10 Week EMA since the month of May. Litecoin (LTC) has seen a constant decline in volume. The price has bottomed out for now and has consolidated above a strong support for more than ten weeks now. However, as long as Bitcoin (BTC) remains undecided, Litecoin (LTC) is going nowhere. In this mode of uncertainty, if Litecoin (LTC) breaks below $50, that would be completely disastrous. The price of Litecoin (LTC) cannot afford to fall below $50 in any case. If it breaks and closes below $50, there is a very high probability that Litecoin (LTC) will see another correction for the next eight months or so. RSI for the above chart looks favorable for a short run up but it is unlikely that the price will break the downtrend during this run up. While Litecoin (LTC)…
Source: Is Litecoin (LTC) Still A Strong Buy?

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