Litecoin (LTC) is trading just below $90 having faced a strong rejection at a critical resistance. The price is now due for a major pullback and could retrace to its trend line support that it formed after breaching the downtrend resistance around the beginning of the year. This is the best bullish case there is for LTC/USD and under that case a sharp pullback is due before we see a continuation of this rally. This is considering we have already bottomed and the bulls are right that this is the end of the bear market. Even if we agree with that, there is no denying that the price is long overdue for a major decline at least to test the trend line support if not fall lower. The RSI and Stochastic RSI on the weekly chart appear to be in the same position as they were between May and September last year.
This means that even under the bullish scenario, LTC/USD is due for a sharp decline which could wipe out more than 30% of its market cap in the weeks ahead. Considering that the…
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