- The price of Litecoin LTC is set to remain in consolidation before breaking upwards
- Litecoin LTC has moved upwards consistently with modest gains
- Intense trading was noted in Litecoin’s current price position
Litecoin news today – The price of Litecoin has failed to make any progress above the $50 area which is a crucial level. Despite many numerous attempts to move upward, the LTC price remained trapped below the $45 level after last week’s massive decline. During the last week, LTC’s price has maintained a consistent upward movement and posted modest gains. Litecoin’s steady price action has made it form an ascending parallel channel. Hence, any breakout could be potentially bearish. But the moving average tells a different tale. LTC suffered a bear crossover where the 50-day MA slid below the 100-day MA. This pattern was the result of the March 12 crash. The 50-day MA quickly shifted upward during the first opening weeks of May while the 100-day MA dropped.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – At Press Time the 50-day MA is Stuck at the $43.30 Level
As of when this content was written, the candles shifted moved above the 50-day MA, which has stagnated at the $43.30 area. There is intense trade action in the current price position. This indicates a potential consolidation in the near-term outlook. RSI has risen above the 50 level suggesting that there is increased buying. The charts show signs of positive development. The increased trade action by VPVR and the paused 50-day MA, suggests that a potential consolidation phase must take place before any breakout will happen. The chances of a bullish breakout are supported by the 50-day MA below LTC’s price candles and the falling 100-day MA as well as the fact that RSI is in the positive region. If this pattern continues for the near-term, LTC could be resisted at the $46 area. Another resistance for LTC can be seen at the $47.31 area.
Litecoin Price Prediction – A Bearish Breakout is Possible As Well
The possibility of a bearish breakout happening is supported by the formation of an ascending parallel pattern. From here the price of LTC could find support at the 50-day MA and the $43.30 level. There is another support seen at the $40.42 level. This point has been unseen since April 21, 2020. The BTC-LTC correlation has started to increase significantly since January this year. It has changed from 0.63 to 0.87. After BTC’s halving, the number one coin has avoided drastic fluctuations despite a consistent rise in value. An extended price rally has been anticipated by the community before and after the halving. If this price rally materializes, the price of Litecoin will follow (considering the high correlation). The coin could witness a much-needed rally after this consolidation phase passes.