Litecoin News Today – LTC/USD Pair is Struggling to Defend $60 Support Area, March 3rd, 2020

  • The price of LTC is struggling to defend the $60 support
  • The LTC bulls are losing sellers once again struggle
  • The LTC/USD narrowing range block subject to an explosive breakout

Litecoin news today – The price of Litecoin is reportedly trading in the positive zone. The coin has reportedly added about 7.50% to its valuation at press time. These last few weeks have been tough for Litecoin as the overall digital asset market was crumbling after beginning the year on a good note. However, LTC’s fundamentals show that the worse may not be completely over despite starting trade in the positive zone since March 2. The LTC/USD trading pair has been pushing to the south two weeks in a row with the bears still in control. Let’s take an analysis of the price of Litecoin in the last 24-hours.

Litecoin’s 2020 Gains May be Reversed

Litecoin news today – The gains that LTC made since the start of 2020 are now at risk of undergoing a reversal. This situation was obvious since the markets’ bearish evening formation. The Litecoin bulls now appear to lose to the sellers once more as technical levels have collaborated against them. LTC’s descending channel support as well as $55 support will likely force a reversal should there be extended losses.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$59.62

The price of Litecoin has been forced to stay between a rock and a hard position. Looking at the upside, the $65 price point is a stubborn resistance place. Meanwhile, the LTC bulls are only focused on defending their $60 critical support area. The Bollinger Bands indicate that the level of volatility for the trading pair is at it’s highest point this week. The curve beneath the daily Bollinger Band offered support which in turn prevented LTC/USD to a slide under the $55 during the brief bear period. The price of Litecoin has two separate major support points that are likely to be significant if declines sweep at great strength. The above-mentioned areas include: $50 to $55 and $35 to $40 positions.

Litecoin LTC Price Prediction 2020

The Litecoin price movement has been locked in the confines of another descending pattern. In addition to this, the existing price pattern for the traditional pair has shown a bearish tune, particularly with RSI slopping towards the downside from the last recent high at the 70 level. The same downward pattern is reflected by the bearish divergence shown via the MACD line. If this indicator dives to the negative area, sellers could gather more confidence. This, in turn, could force the LTC/USD pair to push towards the $55 area which is the first key support point.

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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