- Litecoin price nosedives after a horrid 24-hours
- Coronavirus likely triggered the current selloff this week
- Litecoin price suffers double-digit loses
Litecoin news today – The digital asset market is currently in the red zone as the bulk of the top coins is trading poorly. The coronavirus has really hit the global economic system. Apart from the fears about the Wuhan virus, there can be other explanations for the second selloff for the week. Cryptos have erased the bulk of gains they have posted since February in less than two weeks. Following the most recent price action displayed by the top coins, the price of Litecoin is facing selling pressure against the USD. The selloff is reportedly approaching the lower boundary of this wedge that started to signal bearish pressure. In this price position, there is a key support area at $45. After it lost 7% over the last few hours, the price of Litecoin is now trading above the $46 area as of when this content was written. Not even reports of when Litecoin halving will hold is impacting the coins price.
Technically, the Litecoin price is trading downward, the wedge boundary may provide decent support at that point. If LTC finds support on the lower side of the wedge, then it could see retracements at $50.6 and $56. From this, if this wedge breaks down, another support to look for is the $42 area. Currently, the technical indicators are swinging, meaning that sellers are still in the market and under bearish pressure. The LTC/USD pair has a bearish pattern against BTC. Though the recent price drop continues in the short-term bear correction that was initiated weeks ago.
Litecoin (LTC) Price Today – LTC / USD
The above price action could reverse if LTC/USD breaks the yearly low. If it eventually finds support on this wedge, the Litecoin price could initiate a short-term bull momentum. At press time, there isn’t any sign of a positive movement for the coin. Meanwhile, the LTC price is down by 4.5% via the daily chart. Currently, the coin’s price is trading at an important 0.0060 BTC level.
LTC/BTC Short-Term Price Prediction Is Bearish
If the LTC price indicated in the hourly chart drops beneath the closest support point, especially under the falling wedge, prices will likely see a selloff to the 0.0058 BTC and 0.0056 BTC areas. If there is a quick rebound from the above-mentioned wedge support, then the price of LTC can produce mild gains. It could reach the 0.006375 BTC and 0.006634 BTC resistance areas. These points indicate that the price of Litecoin will gain more momentum after breaking them. Currently, Litecoin price is bearish in the short-term because of its recent price drops.