Litecoin News Today -Litecoin LTC Faces Rejection at $43 Following Short Bull Rally – May 16th, 2020 

  • Litecoin LTC price faces rejection at $43
  • The coin went through a short rally before getting resisted
  • The bulls successfully forced prices to stay at the $43 level 

Litecoin news today – The price of Litecoin faced rejection at the $43 area after initiating a short burst. The rally ended when it was rejected at $43. The LTC bulls managed to push the price above the $43 but the digital asset faced resistance. It found support at the same $43 area. This level has been the historical position where the price of LTC rebounds to reach the $50 area. The BTC halving has still not had any effects on the market action as digital assets continue to trade in either direction. Litecoin is one of those that are still finding their feet between the bears and the bulls.

Litecoin News Today – The Continuous Upward Action Has Paused for LTC

Litecoin’s continuous upward price movement has suddenly been put on hold. This happened because the market is currently consolidating above the $43 mark. Nevertheless, if the LTC bulls turn down from its current price level, it may initiate a revisit of the $39 low point. Looking at the upside for Litecoin, if buyers can overcome the coins’ current resistance position, then the LTC price will shoot upwards until it retests the $50 level which is an overhead resistance area. The price of Litecoin managed to recover after the bears first broke the support pattern to the downside. The additional selling pressure was also overcome by the bulls. This occurred when it seemed like the market had resumed its bullish movement. The LTC/USD pair is also changing hands above the 20% range via the daily stochastic which indicates that there is some level of bullish momentum for the digital asset.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$177.98

What’s Next for Litecoin?

The price of Litecoin also found its key resistance positions at $80, $100, and $120. Meanwhile, the digital asset found support points within $50, $40, and $20 respectively. The price of Litecoin is still consolidating ahead of the $43 support position. We must wait for the outcome of the ongoing price action above the $43 support area to determine the next move for LTC. The charts show that a possible upward action will likely happen if the current LTC support position is defended very well. Presently, all price bars are just below the EMAs. This is an indication of a possible downward movement for the digital asset. However, if there is a rebound at this current support area, it can take the price of Litecoin out of the bearish position and let the bulls stay in control.

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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