The bears tried to sink Litecoin below the support at $81.36 on Aug. 7, but the long tail on the candlestick shows strong demand at lower levels.
The bulls are trying to start a recovery, which is likely to face strong selling near the 20-day EMA ($87). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the LTC/USDT pair below $81.36.
If bulls want to make a comeback, they will have to kick the price above the 20-day EMA. If they succeed, it could open the doors for a possible rise to the 50-day SMA ($92) and later to $96.46.
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