FX.co ★ #Litecoin chart analysis

LTC/USD, the quote is currently around 50.50. The asset continues a prolonged decline and cannot hold above the local resistance of 50.80. The technical picture fully confirms the bearish scenario, indicators point to buyer weakness. The nearest target for the decline is 46.50. Fundamentally, Litecoin follows the overall cryptocurrency trend, which is losing value. Today's macroeconomic events, such as Lagarde's speech and the OPEC report, may increase the pressure. I am considering selling from 51.00 with a tight stop above 52.50. If I see a confident close below 49.50, I will hold the short until 46.50. If it returns above 52.50 the scenario will be invalidated.