Litecoin LTC comes crashing down

LTCUSDT

On June 5, Litecoin plunged below the moving averages but experienced a sharp recovery on June 6. However, the bulls could not sustain the price above the 20-day EMA ($90), suggesting that bears are actively selling during rallies. The bears will attempt to drag the price towards the uptrend line, which is a crucial level for the bulls to defend.

A break and close below the uptrend line would signal a potential downward move, with the LTC/USDT pair potentially falling to $75 and subsequently to $65. Conversely, if the price turns upwards from the current level or the uptrend line, it would indicate a prolonged consolidation within the triangle pattern. The bulls would need to propel the price above the triangle to initiate the next upward leg.