- Litecoin LTC price has mostly underperformed since the last rally to the upside
- The coin is in a make or break position
- The next breakout point could be the $50 level
Litecoin news today – The LTC/USD trading pair has mostly underperformed since it managed to stage its recent recovery. This recovery took the coin’s price from the lows it posted just a few weeks ago. While the recent price crash was devastating for all traders, the LTC/USD pair has not recovered as well as other major crypto offerings in the market. Meanwhile, the Litecoin price only succeeded in its attempt to test the $43 resistance area although this was attained with little success as prices have underperformed.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Analysis – Litecoin LTC Price is Above the 9 and 21-day Moving Averages
As of when this content was published the LTC/USD trading pair was changing hands at $40.37. It is at this point that the intraday bulls could close but they will likely test some resistance at $41 before trading ends for the day. The price of LTC is moving above the 9 and 21-day moving averages. Both MAs could be a stepping stone for the digital asset to rally above the $50 area. However, if the coin fails to break above the $45 area, we could see another breakdown under the support at $30. In such a situation, it is up to the bulls to choose the exact direction that the price of the coin will take. The question is will it move towards $50? Or will it move back to the $30 position? RSI can be seen moving horizontally at the 45-level. This is a clear indication that presently, there is selling pressure and buying pressure at the same time.
Litecoin LTC Price Prediction – Litecoin LTC’s Price is On a Downtrend Against BTC
The sideways action displayed on the hourly chart could occupy a center point to begin a consolidation. The resistances stand at $50, $52 and $54. The support areas lie at $30, $28 and $26. Against Bitcoins, the price of Litecoin continues to move in a downtrend. The digital asset increase in volume if we want a trend reversal against BTC. Now, the digital asset is currently trading under the 9 and 21-day MAs. We can expect support at the 5700 SAT area before breaking to the 5550 SAT area and the 5350 SAT point. There isn’t any sign of bullish momentum for Litecoin. However, if the bulls validate a break above the 9 and 21-day MAs and reach the resistance at 6200 SAT, a bull-run can be confirmed for the LTC/BTC trading pair. At press time the closest resistance sits at the 6450 SAT and 6550 SAT levels.