Litecoin News Today – Litecoin LTC is Under Pressure Short and Medium-term – May 14th, 2020 

  • Litecoin LTC price is under pressure in the short and medium-term
  • Litecoin LTC fell short of its first significant resistance at $43.33
  • The price of Litecoin LTC dropped to an intraday low of $41.31

Litecoin news today – The price of LTC is under pressure in both the short and medium-term outlook after the LTC/USD trading pair plunged backward during the weekend with the broader crypto market. An analysis of Litecoin’s price action shows that a break below the $38.00 support area could automatically trigger more downsides in the number seven largest crypto by market cap. Litecoin price rose by about 1.83% on Tuesday. This means it managed to reverse the 1.38% fall it from Monday before ending the day at the $42.26 area. A bullish start to trade this morning saw the coin rally to an early intraday high of $42.87 before hitting a reversal. Failing to reach the first major resistance at $43.33, LTC slid into a late intraday low of $41.31. Let us see more about the coin’s recent price action.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$48.63

Litecoin News Today – The Price of Litecoin is Bearish on the Medium-term

The price of Litecoin reversed back to the $40.00 support after the digital currency suffered a fresh flash crash over the past weekend. The coin’s technicals show that a bearish break from a large triangle movement is close to occurring via the daily time-frame. The daily time-frame also shows that the price of the coin is starting to test the bottom of a huge triangle pattern, at the $41.00 level. Going by the size of the pattern of the triangle, a break beneath the $41.00 price level could ensure that the LTC/USD trading pair fall towards the $20.00 area. It is essential to point out that the LTC/USD pair is showing a bearish medium-term bias as its price continues to trade below the $51.50 area.

Litecoin Price Prediction – The Price of Litecoin is Bearish on the Short-term

Looking at the short-term outlook for the price of LTC, the cryptocurrency has a bearish bias as it trades below the $44.00 area. The 4-hour chart shows that there is a head-and-shoulders pattern taking shape. Going by the rate of the bearish pattern, LTC/USD could fall to the $22.00 area in the short-term. You can watch out for signs of a steep decline in LTC/USD if prices hold beneath the neckline of the bearish pattern, at the $37.00 position. There is also a bearish reversal pattern forming as well. Additionally, the higher time frames indicate that a triangle pattern is close to occurring via the daily chart of the pair. Staying clear of the first important support point at $39.53, ensured that LTC recovered to $42 to wrap up in the green hours ago.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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