Litecoin News Today – The LTC/USD Pair Recently Faced Rejection at $40 – March 22nd, 2020 

  • Litecoin LTC price recently faced rejection at $40
  • Litecoin LTC price formed a support position at $33
  • Litecoin LTC price to MA’s if the bulls attempt to regain control

Litecoin news today – The charts indicate that the LTC/USD trading pair has currently lost 2.6% on the day. This was the case as the digital asset market opened trade today with a global digital asset correction on the way. The number seven largest digital asset by market cap, Litecoin, was changing hands at the $43.72 area at press time. The digital asset also holds a current 24-hour trading volume of $2.39 billion. It appears the cryptocurrency may settle below the 9-day MA at $35. The daily moving average is currently serving as an initial support position for the coin. Let us see how LTC came to be this way on the day.

Litecoin News Today – The Closest Support Point for the Litecoin Price Was at $35

However, if the next support point of $35 is attained, the LTC sell-off may come into play. The event might even be extended to the psychological supports of $33 and $31. As it stands, the current bearish scenario might become more dominant if the sellers continue to show firm commitment as RSI (is at the 14 level) is currently signaling a downward pattern. This move is an indication of the latest selling pressure in the digital asset market.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$38.86

We could see a huge drop in the support of $30 and $28. If the aforementioned support areas are broken, then it could further weaken the LTC/USD market to the $26, $24 and $22 resistances. Hence, a higher possible swing might likely retest the past resistance areas at $46 and $48. If buyers manage to push the market, traders might expect a further rise to the $52, $54 and $56 resistances.

Litecoin News Today – Litecoin Price is Following a Downward Pattern

When compared to how Bitcoin performed, the price of LTC still remains in the downward pattern, as the coin exploded recently under the solid support area of 6000 SAT. After which it continued declining towards the 5957 SAT area. The critical support area is located under the 9-day MA at the 5700 SAT level and further down. However, if the bulls make any attempt to re-take the market, the digital asset will likely cross the MA and the lower point of the channel to approach the resistance position at 6700 SAT and above that point. Meanwhile, the Litecoin price is currently trading at the 6219 SAT. The outcome for the next Litecoin price prediction will depend on the close of trade for today.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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