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Litecoin: Price Analysis, Dec. 3

LTC/USD

Litecoin failed to break out of the 20-day EMA in the past few days, which shows that the bears are not waiting for higher prices to sell. On the other hand, the buying also dries up at higher levels.







Therefore, the LTC/USD pair is likely to retest the support at $28. A break of this level will resume the downtrend and can drag prices lower to $20.

If the bulls bounce off the supports and break out of the 20-day EMA, the virtual currency can rally to the next overhead resistance at $47.246. Both the moving averages are sloping down and the RSI is in the negative territory. This suggests that the bears have an advantage.

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