Litecoin News Today – Litecoin Price Has Attempted a Move Towards $50 in Brief Recovery – May 9th, 2020

  • Litecoin price launches a fresh move towards $50
  • Despite holding for some time the bulls were resisted at $48.00
  • RSI and MACD show LTC is set for more downward movement 

Litecoin news today – Litecoin LTC’s is currently attempting to push for higher positions amid Bitcoin’s continued impressive upward breakout as it’s halving is only days away. On the day LTC has progressed from $47.43 to $48.50, rising by 2.5%. Litecoin’s price action continues to maintain traction with the broader market. LTC/USD is currently trading at the $47.79 area at press time. It was halted while attempting to break the $50 mark. Litecoin price movement continues in a descending channel following its recovery over the last week when it stalled under the $50 area. This channel support will remain instrumental if we want to slow down LTC’s selling pressure.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$135.68

Litecoin News Today – Buyers Can Find Vital Short-term Support At $44-$45

The short-term support between $44 and $45 will be vital. A breakout above the above channel could let bulls fight back and push the price of Litecoin to $50. According to RSI’s movement from the overbought area, the selling pressure is set to continue. There is a similar bearish trend seen in the MACD line. Although the indicator remains in the positive area, the upward movement has stalled at the 0.23 level. Meanwhile, the bullish divergence has narrowed. Litecoin price is set to test support at $44 $45 in the coming trading sessions. The key support position and other areas that are of interest to the bulls include the 50 Simple Moving Average $46.67 via the 2-hour chart of the pair. The 100-day SMA is also set to stop losses. This will happen at $45.68. Meanwhile, LTC’s extended declines will find support at $40 and $35 respectively.

Litecoin Price Prediction – The LTC/USD Pair is Ranging Via the Daily Chart

Short-term technical analysis suggests that the moment $50.00 is violated, LTC/USD may rebound against $51.00. To the downside, a prolonged drop of strength under the support area of $45.00 could cause investors to switch to the bears and approach the $37.17 area. Moreover, as the digital asset market trends higher with Bitcoin, the price of Litecoin might seize the chance and make additional gains in the coming days. The LTC/USD trading pair will be bullish if it exchanges beyond the $45.00 area. Note that the main barrier for the coin is the $50.00 mark. If and when the LTC/USD pair exchanges under the $45.00 mark, sellers might test supports at $41.43 and $37.17 respectively. Finally, as stated above the digital asset registered increases of 2.5% over the past 24 hours. RSI’s signal line is currently at level 14 which renders a radical alteration into the positive position.

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