- Litecoin price has broken the downtrend
- The price of Litecoin LTC has reached $78
- Litecoin LTC’s performance against BTC has roped
Litecoin news today – The price of Litecoin remains in the hands of the bulls after it saw a recent reversal that made it embrace the support position of $78. The coin also faced resistance at the $92, $94, and $96 level. LTC/USD now has support at the $68, $66, and $64 area. The LTC/USD pair reportedly lost more than 6% as it opened the market today in light of global correction. At press time per CoinMarketCap data, the price of LTC is changing hands at $78.30. This is what’s left of Litecoin’s high from yesterday at the $84.45 area. Now the coin’s price is looking to settle under the 9-day MA (moving average) at $77. This area currently serves as initial support.
If the Litecoin LTC Price Breaks the $77 Support the Market will Weaken
However, if the $77 support position gives way, the LTC sell-off might become the focus. It might be extended towards the psychological support at $74. Currently, the bearish scenario is more dominant because sellers have continued to post firm commitments. The market could see a sharp decline in support from $72 to $70. Breaking the latter-mentioned support position could weaken the market. Hence, a bigger possible swing will likely retest the resistance positions from previous sessions at $80 and $85. Once the bulls fuel the market at these resistances, traders can expect an increase to $92, $94 and $96 areas. RSI now nosedives to the 60 level, which in turn indicates the recent selling pressure on the LTC market.
Litecoin LTC’s Price Performance Against BTC Has Dropped
When compared to Bitcoin, the performance of LTC has been low. This can be related to the bearish pressure that lasted briefly. The pair have already dropped under the 9-day MA. It may see another sharp drop at the 7400 BTC support point. Breaking this position will likely drag the market further into the nearest support at 7200 BTC, 7000 BTC, and 6800 BTC.
Litecoin (LTC) Price Today – LTC / USD
However, the LTC/BTC pair is currently trading at 7716 BTC. However, if the Litecoin bulls can manage to hold this price tight ahead of the 9-day MA (moving average), the next important target price might likely be at the 8000 BTC and 8300 BTC points respectively. If LTC manages to reach these levels, there is a chance that it might move into the resistance at 8500 BTC and above. RSI is dropping near the 60-level. The selling pressure will likely continue if the pattern remains like this.