- The LTC/USD pair rises from an important pennant position.
- LTC is facing resistance at the 100-day SMA and $60.
- The resistance point must drop lower than $60 for further gains.
Litecoin News Today – the price of Litecoin is facing a growing resistance at the $60 area and the 100-day SMA. Although the pennant pattern breakout for the LTC/USD pair remains in place, the $60 resistance level must come down if the price of Litecoin must see further gains near $70. Marginally, the Litecoin price appears to have stalled under the $60 important resistance area. The daily charts show that the LTC/USD pair is facing a growing bearish pressure. The coin’s price is lingering at the $57.5 area after shedding of about 0.03% of its value in the last 24 hours. The existing pattern remains bearish near the end of the Asian trading session at press time. Additionally, the volatility for the pair remains at its lowest since the beginning of the week. This suggests that investors shouldn’t expect any rapid price movements soon.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Broke the Important Pattern
The Litecoin price recently broke a key pennant pattern and is likely to continue moving upwards. But before this, the bulls have to deal with the $60 hurdle. Meanwhile, it must also add to the resistance at the 100-day SMA. When you consider it from a technical perspective, the trend of Litecoin is displaying a bearish tone. RSI has escaped the overbought area. It is moving down at 64. Any additional movements towards the oversold area could keep increasing the bears’ confidence. It could ensure they solidify their influence over the price of Litecoin.
With the possibility of declines for the price of Litecoin, $50 remains the stand out key support position. Another possible resistance barrier is marginally below the 50-day SMA (which is likely to stop further losses for the coin). However, at both the $40 and $30 areas, buyer congestion exists. These areas will be key if the losses become devastating.
Litecoin Might Undergo a Soft Fork
Finally, the number 7 largest digital currency with a current market value of about $3.6 billion, has mostly stayed unchanged in the last 24 hours. As of when this report was published the LTC/USD pair is trading at $57.25. This is a drop for the asset considering the recent high point it registered at $63.17 a few days ago on the 17 of January. The digital currency has been trading range-bound showing some form of bearish bias and moving in sync with the rest of the market. Litecoin’s price action has mostly been affected by technical factors and speculative sentiments.