Though Litecoin continues to trade above the 20-day EMA, it has lost its momentum. Both moving averages have flattened out, which points to a range bound action in the next few days. We recommend traders to retain the stop loss at $200, at breakeven.
Yesterday, March 05, the bulls attempted to break out of the downtrend line, yet, they could not sustain above the line.
The LTC/USD pair is likely to correct towards the 50-day SMA. If this level breaks, a move towards $175 is also possible, where we expect strong buying to emerge.
We should turn bullish if the cryptocurrency sustains above $225.