- Litecoin LTC price dropped from the $40 area
- Litecoin LTC price dropped below the 9 and 21-day MA’s
- The bulls are trying to force their way back
Litecoin news today – The LTC/USD pair reportedly fell from the $39.25 area to the $37.50 position. This happened as the downward pattern started to act as the market’s resistance. The Litecoin price also dropped below the support area offered by both the 9-day and 21-day MA’s. The $35 support area for LTC must be well defended by the bulls. This is meant to prevent any further downward price movement. The technical indicators are moving in a similar direction. Meaning, that there may be a further sideways movement for the coin’s price.
Litecoin (LTC) Price Today – LTC / USD
Name Price $360.18
A Break Under $35 May Trigger a Deeper Drop in Price
The longer the LTC/USD trading pair fails to initiate a rally from its present trading level, the greater the chances of the digital currency falling into a new low. If there is a break beneath the $35 support, we can see a deeper decline to the $30, $28 and $26 areas. A short-term technical analysis indicates that both the $34 and $32 areas are currently the firmest forms of technical supports. After this is the $31 level. Additionally, the daily chart shows that the 9-day MA and the $39.48 areas, is a key point for the Litecoin bulls to break at. Additionally, we might require a sustainable move over this position to retest the $43 area. The ultimate goal of the bulls will be created over the ascending area at $45, $47 and $49 all of which are resistance points.
Litecoin News Today – The Bulls are Trying to Force Their Way Back for LTC/USD
Against the number one digital asset by market cap, Bitcoin, the daily chart, shows that LTC bulls are trying to step back to the market and halt the downtrend of the coin. Finally, the digital asset is signaling some promising signs that could bring back higher highs to continue its move above the 9 and 21-day MA’s. Looking at the action from the upside, the closest area of resistance lies at 6900 SAT. And also above this area is a higher resistance at the 7000 SAT and 7100 SAT points. Furthermore, the downside approach shows that the nearest support points are at the 6200 SAT area and beneath this, there is further support at 6000 SAT. If LTC’s price drops to a new low, there will lower support at 5800 SATs, 5700 SATs, and 5600 SATs. RSI is attempting to break over the 48 area which indicates that the LTC bulls will soon take control.