- Litecoin trades in the green along with other top cryptos
- Litecoin LTC price analysis
- LTC needs to break over key resistance levels to encourage more buying
Litecoin News Today – Litecoin (LTC) is one of the top losers this year. The first half of this year was great for Litecoin. The digital currency surged enormously and broke over the $150 mark prior to its halving event. However, everything started heading south after the halving event. The digital currency plunged heavily and it has fallen from around $150 to its current levels around $40.
Litecoin LTC Price Analysis
Unlike other weekends, this weekend seems to be somewhat favorable and friendly to the majority of cryptos in the market. All the top ten digital currencies in the market are trading in the green, except Tezos (XTZ). Litecoin (LTC) is also trading in the green and it is moving within the ascending channel where it has surged by more than 5.1 percent.
The bulls of Litecoin against the USD broke out from a narrowing range-block formation and moved over the 9-day and 21-day MAs. However, the price action of LTC/USD is capped on the upside at $44 and it is supported at $40 on the downside, within tight conditions.
Litecoin (LTC) Price Today – LTC / USD
A few days ago, the price of Litecoin (LTC) faced a strong hurdle in an incredible nine days narrowing trading range after the bullish rally failed to gain grounds several times. As such, Litecoin has not been able to clear the hurdles towards the $60 resistance level. Rather, the bears are looking to find their way back to the $52 support level.
Nevertheless, Litecoin needs to hold gains over the $40 support level, as a break below that level could pave the way for more losses towards the $36, $34, and $32 support levels. Looking at the Relative Strength Index (RSI) indicator, Litecoin (LTC) may show the tendencies to surge higher after the digital currency ranges for a couple of days.
Whereas, as it stands now, the technical indicator of the coin might support the upward movement of the digital currency. Besides, the bulls are trying to push the price of the digital currency over the ascending channel. If this happens, Litecoin could break over the $48, $50, and $52 resistance levels.
Litecoin’s Break Over Key Resistance May Encourage Further Buying
If Litecoin (LTC) breaks over key resistance levels, the buying pressure of the digital currency may increase. Litecoin (LTC) is trying to break over the upper boundary of the descending channel in other to reach the resistance at 6005 Satoshis, when compared to BTC. Except Litecoin exceeds this resistance level and eventually close over it, there might not be any reason to expect the long-term bullish reversal.