Litecoin is in a strong downtrend. It has made a new year-to-date low, breaking below the previous low established on August 14.
The next level to watch on the downside is the support zone of $40–$44. If this support also breaks down, the LTC/USD pair can plummet close to $30.
Any pullback will face resistance at the 20-day EMA, the downtrend line and the 50-day SMA. We shall turn positive on the virtual currency if it forms a reliable reversal pattern.
