- Litecoin price defends $65 to avoid sliding backward to $50
- Sellers remain in control of LTC price action
- The RSI and MACD patterns are in critical selling areas.
Litecoin news today – The Litecoin LTC price is now in shambles as is the case with the rest of the major cryptos in the market. It appears that any chances of recovery have become a rare situation because the decline for the entire market kicked off three days ago. The gravitation, particularly with the Litecoin price, has been unstoppable. The expected support positions for the LTC/USD stands at the $80, $75 and $70 areas. These points have been left shattered. They are now a pale shadow of their former glory. However, the bulk of sellers have camped in this same price zones waiting for an opportunity to exert more pressure on the LTC bulls. Let’s see how it came to this for Litecoin price.
Litecoin (LTC) Price Today – LTC / USD
The Price of Litecoin LTC is Down by 4.30%
Litecoin LTC Price Forecast – The Litecoin price is now trading in the negative region. LTC is down by 4.30% at the start of the trading session. The LTC/USD trading pair is now approaching its second consecutive session trading in the red zone. There is a critical demand at the range of $70 to $65 via the daily chart of the pair. Meanwhile, the LITC/USD pair is doddering at the $68.48 area after suffering a drop of 3.35% on the day. Litecoin price formed an intraday high at $72.12 which is now looking like the ultimate short-term resistance area. The price of Litecoin further explored the points close to the $65 key support area. The level of buyer congestion in that zone has pulled the LTC price upwards, however, the area doesn’t have enough power to push prices above the $70 resistance positions.
Litecoin LTC Price Technical Analysis
Litecoin News Today – Via the 2-hour chart of the LTC/USD pair, the asset is trading under a fresh two-month-long ascending pattern. This pattern in the last few hours now functions as a support area. The chances of recovery above the $70 mark could take an extended period especially now that the pair’s RSI and MACD patterns are sending out more bearish signs. The Litecoin price is trading below the MA (moving average), which in turn gives sellers an upper hand in the market. If the support point at $65 caves in, the LTC/USD pair could fall further down to the next area at $50. However, any consolidation between $65 and $70, will likely allow the bulls to return to the price levels above $80 and $100.