Litecoin News Today – Litecoin LTC Price is Showing a Bearish Reversal Following Bull Run, February 23 2020

  • Litecoin is signaling bearish reversal after soaring by 5%
  • The LTC/USD pair has formed a death cross
  • LTC next price action in the coming days is bleak 

Litecoin news today – The price of Litecoin has boosted a 5% gain in the last 24-hours. This increase can be attributed to Binance’s US’s addition of Litecoin to its crypto trading platform. However, despite this increase for the Litecoin price, there are fears over the action of the coin in the coming days. Of course, the fact that LTC price posted a rise of 5% in the last 24-hours is nothing but exceptional. The increase in the price of Litecoin has come at a time when the crypto market entered a consolidation phase. This was observed after the Bitcoin bulls struggled to move past the $10,000 mark. Hence, despite having positive fundamentals like the 5% increase after the addition of LTC to Binance US, the digital asset is signaling a bear reversal position as the daily chart of the pair forms a death cross.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$59.14

The Bulls Looking to Break the $80 Mark for LTC

Note that in the last seven weeks, particularly since the beginning of the year 2020, cryptos have been enjoyed a mammoth rise. The bulk of the top digital coins have registered huge gains. Looking further back, we can see that the early Bitcoin fork also gained a massive 10% in the last two days which raised hopes that the LTC bulls are targeting the $80 mark and would get there in the coming days. Litecoin’s technical indicators on the long time frame signal an upcoming bearish action. If the bulls can keep the price of LTC above the key resistance position at $73.00, then the possibility of the coin spiking to the $80 mark will remain plausible. Now can the bulls push the coin’s price to reach new yearly highs?

The LTC/USD Pair Has Formed a Death Cross

While the LTC/USD fundamentals remain solid, the technical indicators for the pair remain bearish after signaling a reversal to the $70 position. Looking at the daily chart for the pair, you can see that the short term MA has crossed the long term MA giving a bearish sign regarding the price of LTC. Currently trading at the $76.18 area, the LTC/USD pair is on a bearish pattern. It now looks destined to reverse to the $70 key support area. However, a cross above the $78.00 mark will effectively push a bullish run to higher resistance positions at the $90, $95 and $100 areas. Despite the move to the $100 area, the future of the LTC/USD pair looks bleak.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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