- Litecoin LTC price is facing selling action
- The current position of the digital asset is jeopardizing the $50 support point
- The LTC/USD pair is likely going to go downwards in the short term
Litecoin news today – The digital asset market suffered a steep drop yesterday March 10 as oil prices and other commodities dropped due to fears caused by the coronavirus. Even though crypto prices dropped yesterday further, since last week the digital asset market has been somewhat uneven with short bull action and bearish pressure taking over. Despite yesterday’s drop in price, today things started to look good for stocks, oil prices, and some digital assets. While LTC’s position hasn’t entered positive territory, the coin is dealing with increased selling activities.
The Increase in Selling Action Has Jeopardized the $50 Support
Litecoin (LTC) Price Today – LTC / USD
The price of Litecoin is currently dealing with increased selling activity. This move is jeopardizing the $50 support position. The LTC/USD pair is likely going to continue its downward action in the short term. Meanwhile, the LTC bulls will have to wait for the formation of a formidable support point to launch any type of massive upward price action. The charts also show that the Litecoin price managed to advance from the $50.18 level. Although it eventually formed an intraday high point at the $50.75 area. The LTC selling pressure at the $51 area intimated the bulls as the Litecoin price fell to the $49.06 (which is an intraday low). Litecoin will need to move past the $49.97, $50.74 and $51.50 huddles to escape the bears. $49.06 is the Fib 38.2% one-day, the pivot point one-week support is $50.47 and $51.50 is the high point from the previous day.
Litecoin LTC Price Has Support at $48.95 on the Downside
Looking at the downside, LTC/USD has support at the $48.95 area. The previous day low for LTC/USD and the Bollinger Band for LTC at 15-minutes is lower as well. The second support area for LTC/USD can be seen at the $48.43 area which is the Pivot Point for the coin’s one-month support. Looking at the daily chart for LTC/USD we can see that there is a falling wedge pattern forming. This move hints that the possibility of a bullish reversal is on the cards in the near term. However, the LTC/USD trading pair will likely continue in the downside movement as the digital asset seeks a credible support position. Additionally, the Elliot Wave Oscillator is signaling that the bears will remain in control of the LTC price in the current trade session. This situation will likely last the entire day.