- Litecoin LTC price was trading in negative territory by 0.30%
- The Litecoin LTC bulls pushed for a close above Tuesday’s bearish closure
- The next major barrier upwards is the psychological $50 resistance
Litecoin news today – The overall cryptocurrency market has been in a revival phase in recent days after the March massacre triggered by the coronavirus outbreak. The bull was triggered by Bitcoin’s recent price action. The coin has managed to move over the $7,000 mark. After managing the feat, the bulk of the other top assets in the market turned to the positive side including Litecoin. The Litecoin price has been bullish since then apart from a few short drops along the way. However, at some point in the last 24-hours, the price of Litecoin was trading in the negative side by 0.30%. Let’s see how the coin performed in the last 24-hours.
Litecoin LTC Bulls Pushed for a Close Above the Last Bearish Closure
Litecoin has had a remarkable turnaround in recent days. The price of the digital asset initially formed a bearish daily star on April 7. This price action is a sign of an incoming change in the coin’s price trend. Note that if the Litecoin bulls had managed to close below this trend, the price of LTC would have brought in a greater amount of selling pressure. However, if the digital asset managed to push over and for a closure above this trend, it will stay bullish and avoid the downside. This was exactly what the price of LTC managed to accomplish at press time. Currently, the price action of the digital asset shows that LTC/USD is now consolidating. For now, the coin is moving in a horizontal range formation.
Litecoin LTC Price Prediction – The Bulls are Set Towards the $50 Mark
Litecoin (LTC) Price Today – LTC / USD
Recall that initially, within the past 24-hours, the price of Litecoin was trading in negative territory as the bears managed to drag it down by 0.30 % during the session. However, this was move was quickly reversed. Because the Litecoin bulls were able to force a move that saw it attain the much needed close above the bearish evening star closure from April 7. Analysts had initially predicted that, once this move is attained, the coin’s next action is to keep its pace moving forward. Now after LTC forced the close above the bearish star closure, the coin has found a next major barrier towards the upside. The bulls will likely ensure that the next viewable point for LTC as it climbs higher is the psychological position of $50. From here LTC price can complete an impressive few days. Whether this action will be a possibility remains to be seen as it’s all based on speculation and the entire market sentiment along with other factors.