- Litecoin LTC price is unstable with no clear direction in sight
- The digital asset may lose its grip above $40.00
- Litecoin LTC must move above $45.00 to improve its technical picture
Litecoin news today – We are back again on a fresh trade day and it doesn’t seem like the fortunes of Litecoin will change any time soon. The price of LTC managed to hit its intraday high when it reached $41.05. After this, it retreated to the area $40.60 at press time. Note that the LTC/USD trading pair has lost nearly 4.5% since that time and is currently moving in sync with the overall market. The number seven largest digital asset by market cap currently holds an overall market value of $2.6 billion. Litecoin’s average daily trading volume stands at $4.5 billion. Let us see more about Litecoin’s price action.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction – Litecoin’s Price Would Likely Face Resistance at $45
According to the statistical data offered by Intotheblock, no less than 14% of user addresses on LTC are in the money. At Litecoin’s current price and considering the cluster of over 157000 addresses on the network (plus over 2.48 million LTC), if the coin’s price fails to move to the $45.00 resistance, the addresses won’t reach a break-even point. The only way for them to reach the break-even point is if the digital asset manages to reach the $45.00 area. This particular area will likely serve as a resistance position for the LTC/USD pair. After this position, the next likely zone for the trading pair to reach will be the $50.00 barrier. Going by the current metrics, this getting to this position might seem difficult.
Litecoin News Today – How Does LTC/USD Technical Picture Look?
Looking at the intraday charts for the LTC/USD trading pair, we can see that LTC recovered from the lows it set two sessions ago on Monday. These lows were at $39.53. The coin beat this and managed to enter the psychological area of $40.00 and above. However, the LTC price stayed under the 4-hour SMA at $40.89. This is a critical barrier for the digital asset. It will be a point as the coin makes its way to reach the intraday high. This will be at $41.0 and the 4-hour SMA at $41.70. If there is a sustainable move above the barrier mentioned above, it will allow the coin to post an extended recovery to reach the $42.75 and $45.00 levels via the daily chart. Looking at the downside, we can find initial support at $40.00. The recent low was at $39.53. If this point is broken, the sell-off might extend to the lower line of the Bollinger Band at the $38.14 point. This area will likely slow down the bulls.