Litecoin News Today – Litecoin’s Price Is Trading Upwards After Bearish Drop Yesterday – May 17th, 2020

  • Litecoin’s price is now in an uptrend at press time
  • The digital asset recovered as the bulk of altcoins turned bullish
  • Litecoin’s price is up by 7% on the day

Litecoin news today – The bulk of the digital assets in the market have started recovering. A closer look at the daily chart suggests that LTC could be set for a bull rally in the next few weeks. The price of Litecoin is now facing a monthly resistance point, but it seems the future is promising for the digital asset. Against Bitcoin’s price, Litecoin has continued to be bearish in the short-term outlook. If there is no rebound at the 0.005575 BTC position which is a support level, the price of Litecoin might roll back to the levels it attained during the March bear run. While most cryptos recently created fresh monthly highs on the day, Litecoin has not found a clean crossover yet. It is currently held at key resistance of $47.68 following a 7% surge.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$48.93

Litecoin news Today – The Monthly Resistance is a Hurdle for LTC

Litecoin is facing hurdles at its monthly resistance. However, the future is promising for buyers if prices break the area. The 4-hour chart shows that at $39.6 LTC is targeting the upper boundary after a sharp rebound from the above-mentioned channel’s support at $39.6. When Litecoin overcomes its current resistance, it is expected to rally further upward. The coin may return to its channel support if the above resistance continues to threaten the bulls. A move above the immediate resistance at $47.68, will likely confirm strong buying pressure for LTC taking it to the next resistance at $51. Then the other resistance above is located at the $55 level, which seats at the channel’s upper location. If the price of Litecoin continues to struggle below this holding resistance area, it may get closer support at the $45.5 level which is last week’s high.

Litecoin Price Prediction – Litecoin’s Key Support Areas are at $38.93, and $30.27

Litecoin, the number 7 largest digital asset by market cap, had been bearish since the middle of February. After the 37% drop that occurred on March 12, the coin posted an uptrend and short-term breakouts. Litecoin also saw a rise in the middle of April. But all the gains that the coin posted were eventually lost after its 12% drop on May 11. However, the CMF indicator shows that the coin may soon turn bullish and continue the current upward trend. The major resistances for the coin seat at $49.07, $60.33, and $79.87. The coin found support at $38.93, and $30.27. At press time it was trading at $43.35 with a market cap of $2,813,877,783 and 24-hour trading volume of $4,199,870,988.

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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