Crypto Technicals: LTC/USD recovery lacks traction, eyes next major support at 51.50 (trendline)

LTC/USD chart - Trading View 

Exchange - Coinbase

Support: 51.50 (trendline); Resistance: 55.83 (5-DMA)

Technical Analysis: Bias Bearish

LTC/USD trades rangebound, at 54.89, up 0.75% at 07:35 GMT.

The pair is extending sideways grind, bias remains bearish.

Recovery attempts lack traction, are not supported by underlying indicators.

Immediate resistance lies at 5-DMA at 55.83. Break above will see minor gains. Any meaningful upside only above 21-EMA.

RSI well below 50, momentum strongly bearish, volatility rising on the weekly charts.

Scope for test of trendline support at 51.50. Violation there could see test of 78.6% Fib at 48.67.