- Litecoin LTC price has started this week on a positive note
- The digital asset could stage a technical rebound
- Litecoin LTC price is bearish in the short-term outlook
Litecoin news today – The price of Litecoin is starting the new trading month on a more positive note. We can tell this after the number six largest virtual currency by market cap posted its biggest weekly loss in a while. The last time the digital asset had such a loss was in July 2019. This loss was posted last week. Since then, particularly March 1, the price of LTC has entered a positive trend. Litecoin price prediction shows that the digital currency is set to stage a rebound to the $73.00 position before it can comfortably decide its next major move on the daily chart.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Prediction – The Price of Litecoin Could Rebound in the Medium-term
The charts show that the price of Litecoin suffered its biggest weekly loss in eight months last week after tumbling below the $60.00 position. The LTC/USD trading pair also slumped under its key 200-day MA at the weekend. This price action is happening for first-time in one month. LTC technical analysis indicates that the digital asset could post a technical rebound to the $73.00 price point. Particularly now that LTC has gotten to its near-term bearish position. Per the daily time frame, LTC price is consolidating at 200-day MA and the 50% Fib retracement position via the current trading high to last year’s low. The coin managed to sustain its strength above $60.00. This action could initiate a recovery to the $65.00 and $73.00 area.
The Short-term Outlook for LTC/USD is Bearish
Litecoin price prediction – Litecoin technical analysis indicates that the coin is will be bearish in the short-term trading below the $70.00 position. Meanwhile, the lower time frames indicates that a bearish head and shoulders trend line will sprout if the price of LTC slumps to $50.00. A continued weakness under the $58.00 area could activate a deeper decline to the $55.00 and $50.00 area. A look at the downside pattern implies that a drop to the $20.00 region for LTC/USD could happen if the $50.00 position is breached. Note that the overall market cap of the crypto market is technically bullish currently. This, in turn, implies that the past bearish short-term situation may not continue or reoccur at this point.
Another look at Litecoin’s technical analysis indicates that the virtual currency could stage a recovery to the $73.00 area before any major direction move can occur. The $58.00 point is potentially going to act as a major pivot position.