- Litecoin LTC’s price is changing hands at $35 today
- The recent bull action didn’t last
- The digital asset couldn’t avoid the ongoing correction
Litecoin news today – Litecoin failed to avoid the ongoing market-wide correction in the last 24 hours of trade. Litecoin price has been through much volatility in recent days. The current price action of the trading LTC/USD pair has been around the $35 area. The coin failed to hold its minor gains over the weekend. Now it has dropped to $35 on the day.
Litecoin LTC Price Analysis
The price of Litecoin managed to reverse last week’s progressive price pattern. At the time it was changing hands at $38.16. During the next 5 hours, 44 minutes, the price of coin soared by 3.77% to reach the $39.60 area. After it breached $39, LTC price started to trade downwards. It posted a 10.93% correction that removed $4.33 from its value pulling prices down to the $35.27 area. After that, the digital currency also failed to trade over the previous positions of $38. The digital currency also faced another price drop although a moderate one which robbed 3.31% from its value. This ensured that the LTC price touched the $35.63 area.
Litecoin (LTC) Price Today – LTC / USD
As of when this content was written, the price of Litecoin was trading at the $35.83 area with no short-term support from the moving averages. RSI for LTC is at the 52.32 level after initiating a slight improvement. Even though the medium-term prediction for LTC/USD looks bullish, we might not see significant gains in the short-term. Per the current momentum, the LTC price might drop to the $34.26 support area soon. However, if the trend is reversed successfully, the coin’s price could test its future resistance position at the 50-day MA.
Litecoin Price Prediction – Litecoin Price Dropped by 70% Since February
All in all, this has been a torrid time for LTC and altcoins. The price of Litecoin has reportedly dropped by a massive 70% since February. However, it seems the coin’s price is moving sideways as of when this content was written. What Litecoin is doing now is hovering around the $31.50 – $35 area and creating an ascending triangle to eventually end in a bullish action. The 4-hour charts for the LTC/USD pair showed a new creation of an ascending triangle. This triangle contains two bottom touches. The pattern is created will be completed in the coming 72 hours before any further breakout. There’s also a mild bullish action forming. There is still a chance for the LTC price to breach lower should the overall market lose value.