- Litecoin LTC price set to move to the $50 level imminently
- Litecoin LTC price has posted gains last seen since March 12 crash
- There is an immediate resistance position at the 50-day SMA
Litecoin news today – The price of Litecoin looks set to reach the $50 mark in the coming trade sessions. A look at the chart highlighting trade for LTC/USD shows that the digital asset has now posted gains last seen since the March 12 crash triggered by concerns caused by the coronavirus. If there is a break above this hurdle that LTC is already holding, it could catapult the price of the crypto to the $50 mark. The daily chart shows that Litecoin has immediate resistance at the 50-day SMA. Let us see more details highlighting how the coin performed over the last 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction – Litecoin is Trading in an Ascending Channel
Litecoin is trading in an ascending channel. A bullish price movement at the beginning of April pushed the coin towards the $50 area but its fizzled at $48. There was a reversal to levels marginally under $40 after which there was another short-lived rally to $50 once again but it didn’t materialize. However, Litecoin is now trading under the 50-day SMA and is on course to the $50. However, there will likely be stability and consolidation before this breakout comes happens. For example, RSI is at 52 after gradually recovering from 44. MACD pattern suggests that buyers will stay in control in the near-term due to LTC’s recovery into the positive region and bullish divergence. Looking at the upside, for LTC to post gains above $50, it will have to handle resistance at the 200-day SMA. A breakout will likely encourage buyers to increase their entries which could boost LTC price to $50 and further to $60.
Litecoin Price Analysis – Litecoin LTC Price Dropped by 4.39% Yesterday
Litecoin price dropped by 4.39% during yesterday’s session. By doing this it reversed a 4.59% gain. The digital asset ended the week trading higher by 0.67% at the $42.28 area. A bearish start to trading today saw the price of Litecoin slide from its an earlier intraday high of $44.39 to an intraday low of $41.56. The price of Litecoin fell through its first major support position at the $42.68 area before it found late support before the day ended. Through the late afternoon session, Litecoin also recovered to the $43 levels before it slid back to its first major support area. At press time, the Litecoin price was up by 2.11% and changing hands at $43.17. A mixed start to trading saw Litecoin drop to a low of $42.08 before going back up to a high $43.33. The digital asset wasn’t able to test its major support and resistance levels.