- Litecoin LTC’s attempt to chase the bears fails once more
- The digital asset stalled at the $44 level in an attempt to reach $50
- Litecoin LTC could be set for another selloff if the pennant pattern caves in
Litecoin news today – Today the LTC price is still within the reach of the bears. The LTC/USD pair failed in its attempt to escape the bearish pennant pattern that formed over the last 24-hours. Initially, the coin’s price action saw it set its sights towards the $50 level but it stalled at the $44 position. This is in line with the current broad-based drops that have taken over the digital asset market despite Bitcoin’s halving event. It will appear that the effect of the ongoing coronavirus pandemic has affected the markets. Now, experts believe that the price of Litecoin could be set towards a fresh selloff if the recent pennant pattern support eventually caves in. Let’s see more about the price action of Litecoin over the last 24-hours.
Litecoin News Today – There is Increased Selling for Litecoin and Most of the Assets in the Market
Litecoin (LTC) Price Today – LTC / USD
Litecoin is acting like most of the other cryptos. It is dealing with increased selling activity. The Asian session has shown retreats from the last intraday high. Litecoin is changing hands at $43.07 after it fell by 2.12%. The major task for the bulls is to hold the $40 area. RSI’s downward movement targets level 50. Meaning that Litecoin’s price could continue going lower before it can find credible support. The Elliot Wave Oscillator shows the same bearish action. Looking at the upside, there is resistance at $44. The pennant pattern was also tested although it wasn’t broken. A break above this pennant pattern could clear the way for more gains to the $50 area. Looking at the flip side, an unsustainable uptrend and a drop below the 50-day SMA could see the value of Litecoin retest the $40 and $35 price positions respectively.
Litecoin Price Prediction – Litecoin’s Price is Bearish in the Medium-term Outlook
Litecoin price has managed to reverse back to the $40.00 support area after it suffered another flash crash over the weekend. Litecoin’s technical analysis indicates that a bearish break from the large triangle trend line is close to happening via the daily time chart for LTC/USD. The daily chart also shows that the price of LTC is beginning to test the bottom of the large triangle pattern, at the $41.00 position. According to the size of this triangle pattern, a break below $41.00 could cause the Litecoin price to fall to the $20.00 area. Note that the LTC/USD pair is bearish on the medium-term outlook as the price of Litecoin trades below $51.50.