- Litecoin LTC’s bears have taken back control
- The coin is now trading below the $43.07 mark
- Litecoin LTC is bearish now and hovers below it’s moving averages
Litecoin price today – The price of Litecoin managed to rebound on the day after going three consecutive days posting losses. Now that the Bitcoin halving event has happened Litecoin is back with the bears. Litecoin price mirrored this past Sunday following a sharp drop in Bitcoin despite the halving. This decline in BTC price halted any recent positive momentum that LTC may have pulled off for the short term. Let us see a better analysis of the digital asset below.
Litecoin Price Prediction – Litecoin LTC’s Support and Resistance
After the above-mentioned downtrend, Litecoin’s buyers initiated concerted efforts to force the uptrend once again. At first, the bulls didn’t find it difficult at the $43 resistance point. However, at press time, the price of LTC is fluctuating between the $41 and $42 positions. It’s possible, a rebound will occur just above the $41 mark. This move will likely push the price of Litecoin above the $45 resistance. Otherwise, a break below the $41 support will sink the coin’s price to lows of $36 or $39. In any case, Litecoin price is 2.10% higher at the $42.40 area as it attempts to regain control of the 50-day MA.
Litecoin (LTC) Price Today – LTC / USD
The technical outlook for the digital asset is currently bearish as the LTC/USD pair hovers below the major moving averages. RSI is at the 14 level reversal which gives buyers a positive sign. A close above the 50-day MA may cancel the bears for the short term. Looking at the upside, there is initial resistance at $42.71. If there is a move higher then $46.90 will be the next hurdle for LTC/USD. A move above that area will likely attract more buyers and target $49.20.
Litecoin News Today – What’s the Next Direction for Litecoin Price?
Continuing from the above prediction, there will be initial support at $41.35 which is the recent daily low for the coin. The next level to watch out for on the downside is yesterday’s low from which is at the $39.37 position. Any break below the $39.37 point may pave the way for the coin’s price to test another low from April 16 seating at 38.28. The price of Litecoin is currently in a downtrend due to the breakdown. The digital asset is currently changing hands above the $41.658 mark as of when this content was written. From the current price action, we can confirm that the market is showing bullish signals despite the fact that the bears currently hold control. LTC price will resume an uptrend if its current support position holds. Nevertheless, it is likely the bears will prevail should the above-mentioned support is breached.