Litecoin News Today – Litecoin LTC Bulls Fight Back After Breaching the 100-day EMA – May 3rd, 2020

  • Litecoin LTC bulls are now on the offensive after breaching the 100-day EMA
  • Litecoin LTC posted a 4% price increase on the day to trade at $49.62
  • A closing candle above the $50 area would set $56 as the next target for LTC

Litecoin news today – The price of Litecoin reportedly saw a 4% rise on the day as the bulls fought back and initiated a push upwards. This action ensured that the price of the digital asset broke the 100-day EMA. LTC reached $48 and is currently sitting at the $49.62 area. The digital currency was trapped under the $47.70 area for the majority of last month. Now it has managed to break above $47.70 toward the end of last month. Buyers failed to climb above Litecoin’s 100-day EMA. They were rejected after each attempt to move past this point. If today’s candle can halt as it is currently, it will mark the break of the 100-day EMA which will ensure that the bulls stay on the offensive as LTC targets $56 next.

Litecoin (LTC) Price Today – LTC / USD


Litecoin News Today – Litecoin Price Breached the 100-day EMA

Analyzing the LTC/USD daily chart, we can see that the digital asset has been trapped at $47.70 for the bulk of April. Resistance at the time was provided by the bearish .382 Fib retracement measured from the February high to the low in March. The bulls also attempted to break above the above-mentioned resistance position at the beginning of last month but were rejected. The LTC market also went on to drop to the rising pattern where support was seen at the $39 area. Litecoin price also rebounded from this position at the time and eventually broke the 47.70 resistance as we approached the end of April. On the day, the digital currency broke the 100-day EMA as it positions to breach the $50 level.

Litecoin Price Prediction – Litecoin Price is Bullish in the Short-term Outlook

The break above the $47.70 for LTC turned the digital asset bullish. Now, if today’s candlestick can close above the aforementioned 100-day EMA, such a move will inevitably confirm that Litecoin price is bullish. But LTC price might have to drop beneath the $47.70 area for it to turn neutral once more. It would also have to break under the rising pattern to turn bearish again. If buyers manage to break the $50 area, they will find resistance at the $52, $54.70 (bearish .5 Fib), and $56 (1.618 Fib) areas respectively. On the other hand, if sellers push for a lower position, there will be support at the $47.70, $45, $44.62, and $42.50 areas. Litecoin has major support at $47.70, $45, $42.50, and $42 with it’s resistances sitting at $50, $52, $54.70, and $56.

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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