- Litecoin price dropped to $71.90 on the day.
- The 50-day MA stood at $72.72 at press time.
- RSI for LTC/USD was seen at 32.94 at press time.
Litecoin news today – A critical look at the daily chart of the LTC/USD pair shows that the price of the asset fell to the $71.90 position. The Litecoin price was originally expected to grow due to the ongoing bullish season. This growth was expected to occur if the price of Litecoin broke the resistance range of $72 and $74 which is the buy area. However, the coin’s price failed to break past the $74 position on the daily chart for February 07. This implies that the price underwent a decline after it rested the $73 and $74 areas. Let us see an analysis of the digital asset via the daily chart to prove how it attained this price action.
Litecoin is Facing $76, $77, $79 and $81 as Targets
At the beginning of trade, the price of Litecoin fell below the $72 position. The coin’s price was initially expected to break past the trading range resistance point at 14:00 GMT on Friday, February 07. At the time this range lied between the $72 and $74 areas. If the price of Litecoin manages to break the above-mentioned resistance point, the next price targets for it will be at the $76, $77, $79, and $81 areas. The digital currency, however, failed to break this resistance on the day. Instead, it went on to trade between the $73 and $74 areas. The pair was trading with ruffled movements until the end of trade for the day.
Litecoin (LTC) Price Today – LTC / USD
At the beginning of trade today, February 08, the LTC price was near the $74.50 mark. Eventually, the price of the digital asset fell beneath the $72.00 area due to the encroaching bearish momentum. As of when this content was published, the LTC/USD pair was trading at the $71.90 area. Whether the bulls will return or not isn’t clear.
What do the Technical Indicators for Litecoin Say?
According to the daily chart of the LTC/USD pair the technical indicators show that the 20-day EMA (Exponential Moving Average) is closing at the $72.05 area. This occurred after the trading pair posted a bearish momentum at the start of trade on February 08. During the same period, the 50-day MA (Moving Average) stood at the $72.72 position as well. Meanwhile last technical indicator for the LTC/USD pair which is the RSI (Relative Strength Index), stood at the 32.94 level as of when this content was published.