Litecoin News Today – Has the Elliott Wave Formation Ended? February 22, 2020

  • Litecoin LTC price is 3.69% lower today
  • The market sentiment remains weak for digital assets
  • The Elliott Wave formation has been completed 

Litecoin news today – The price of LTC took a slight drop on the day after a successful few days of trade. Recall that the overall market sentiment was held by a thread in recent days and today it remains weak. Hence the decline in the price of Litecoin. Per CoinMarketCap data at the opening of trade today the price of LTC was 3.69% down over the last 24-hours. Now it is looking like the Elliott wave formation has been completed for LTC/USD. Let’s see more about Litecoin’s price action below.

Litecoin LTC Price Completed a 5-wave Pattern

A close look at the daily chart for LTC/USD shows that the trading pair completed a 5-wave pattern in the last few hours of trade. Now it is beginning to look like the red ABC consolidation trendline is coming to an end as well. The charts show the A-B wave trendline stopped just close to the 61.8% Fib retracement position via the last wave. And now it is looking like the C wave is been projected to complete a move towards the $62.00 and $63.80 areas for LTC. LTC is down due to the overall poor sentiment of the digital asset market. Whether this trend will extend further than today or not remains to be seen.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$39.10

As it stands going by the current shape of things, it looks like the price of LTC is stalling at its 50% Fibo retracement level which could be the bottom position of the C wave. However, this is slightly an uncommon situation for the digital asset. The low price point for the LTC/USD pair has also coincided with the 1.27% Fib extension position of the B wave.

Litecoin LTC Price Could Test $65

The price of Litecoin has been posting gains since the beginning of the year since the coin’s price broke above its long term resistance position that began in June last year. This recovery has remained in the confines of the ascending channel for the trading pair. This ascending channel support is now protected once mode meaning, there is still a possibility that the coin. may undergo a reversal will towards the $100 price mark. This price formation of the golden cross will likely bring another bullish season despite the slight correction that the price of LTC endured recently from its yearly high of $84. All in all, LTC will remain bullish for the time being despite a slight drop in the last 24-hours

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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