- Litecoin price nurtures bullish momentum
- The 50 SMA to provide immediate support for LTC
- The LTC/USD pair facing a stronger bearish action
Litecoin news today – The price of Litecoin has initiated a fresh bullish session today March 17. This Tuesday, the coin began by posting gains of 3% via the hourly chart. This isn’t surprising as the bulk of the market is slowly rising. The technical areas for LTC/USD are gradually aligning. They have fallen in favor of the bulls because buyers are now eyeing positions above the $40 level. The Litecoin price also sustained several losses when it was in the confines of the descending triangle. After the LTC crash to $25, the trading pair has now recovered to somewhere above the $30 area but the gains posted have been limited as they are still under the $40 area. As of when this report was published, the LTC/USD pair was trading at $35 and is facing a possible bullish momentum. Let us analyze LTC’s price action in the last 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction – The Elliot Wave Oscillator is in a New Bullish Session Today
The Elliot Wave Oscillator for LTC via the chart has initiated a fresh bullish session via the daily range after the coin’s recent extended bearish session (which lasted for over one week). The next target for LTC/USD is for the coin to pull a move that takes it above the $40 area and let the bulls stay focused on the areas towards the $50 and $60 regions. The Litecoin price is battling the resistance areas at the descending channel. This hurdle has already been tested severally in the downtrend that was experienced in the past week. If the LTC bulls eventually manage to pull clear of the resistance point above this line, then a massive jump northward could be triggered. Meanwhile, the 50 SMA will offer immediate support should the current gains turn out to be unsustainable. There is bearish pressure present because the 50 SMA is still above the 21 SMA in the short-term. The key support area for the pair is between the $25 and $30 levels.
The LTC/USD Pair Facing a Stronger Bearish Action
During the last 24-hours, before entering bullish action, the Litecoin price was trading in negative territory. It lost 8.45% from Monday. LTC/USD was moving in a narrowing pattern with a breakout looming around the corner. The price formed a bearish pennant. It is now at risk of a fresh wave of downward pressure. The daily price action LTC has seen the formation of a bearish pennant. This price action has edged a bearish flag structure. This has put LTC at risk of a new push lower on the 60-minute chart.