Litecoin News Today – Litecoin LTC Price May Breach the $50 Soon as the Asset Follows BTC’s Bull Rally – April 27th, 2020

  • Litecoin LTC price has suddenly turned bullish after Bitcoin began a fresh bull-run
  • The price of Litecoin LTC may breach the $50 mark this week
  • Litecoin LTC price must retest the $44 mark before breaching $50

Litecoin news today – It has been 46 days since the crypto market was hit by a devastating crash triggered by the coronavirus outbreak on March 12. Since then, the major digital assets have been fighting to stay higher. At press time, the top digital assets are close to recovering the losses they incurred on March 12. Litecoin is one of the most affected digital assets. It has since posted a significant rise in the last month. As of when this content was published, the price of Litecoin was seen changing hands at $45. Let us analyze the coins’ performance over the last month.

Litecoin LTC Price Analysis – Litecoin Price Has Been Steady for the Large Part of April

Litecoin’s daily chart shows that it has been very steady for the most part of April. It breached resistances at $34, $38, and $40. Litecoin is currently above the $44 support. Litecoin’s price formed an ascending triangle between March 12 to April 6, which led to a bull breakout on April 7. LTC’s price went to $47. A fresh correction brought it back to $44. At press time, Litecoin has created a rising wedge. This means that we can expect a bearish pullback soon. However, it is crucial to consider a few market indicators. The 50-day MA is under the candlesticks. This is a bullish signal. Litecoin’s MACD pattern suggests that the bullish momentum is high via the daily chart for LTC/USD.

Litecoin LTC Price Prediction – Litecoin LTC Must Retest the $44 Mark Before Breaching $50

Note that despite the above outcome, a bearish breakout for Litecoin still remains a possibility. But it will likely not take place immediately. There are two possible cases for Litecoin one is;

Staging a bull-run to the $50 mark under a week. In this case, Litecoin could reach the elusive $50 mark this week and completely nullify its losses from the March 12 crash. This will likely be followed by a correction to the $48 mark. After this, there will be a period of sideways momentum. Another case is;

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$128.81

LTC will retrace to $44 before it reaches $50. Now, when you consider the fact that the rising wedge pattern holds firmly via the daily chart, it is safe to say that Litecoin will undergo a pullback to $44 before it can attempt to touch the ever-elusive $50 position. A strong signal of this scenario is the 200-MA, which continues to serve as a strong resistance area for LTC in the long-term.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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