Litecoin News Today – LTC Moves Past the Mean Value Region as it Continues Consolidating – May 21st, 2020

  • Litecoin LTC moves past the mean value region as it continues consolidating
  • Litecoin price is 3.15% lower than Wednesday’s session
  • The coin’s price moved into consolidation between $40 and $50

Litecoin news today – The price of LTC much like that all of most of the major digital assets is currently trading lower since Wednesday’s trading session. The price of the virtual currency has moved beneath the $45.60 support position. It also managed to find some level of support under the $43.00 position. The aforementioned $43.00 region has previously been used several times and it is represented by a red line via the daily chart. Note that this position is also an essential “value area” because it has been touched multiple times in the past. Let us see more on Litecoin’s price action over the last 24-hours.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$45.00
ll

Litecoin Price Prediction – Litecoin Price Dropped by 31.41%

LTC price slid by 3.41% 24-hours ago. This means it reversed a 0.97% gain from the day earlier. It started on a bullish note today which took it’s value to $46.20 which is an early morning high before it eased back. Getting to the range of the first significant resistance area at $46.24, the Litecoin price slipped to a morning low of $45.20 before it became steady. On Wednesday, Litecoin’s price recovered to an afternoon high price of $45.90 before it hit reverse once more. This reversal saw the price of Litecoin slid to another mid-afternoon low of $42.94. The coins’ price eventually fell through its first major support position at $44.68 and its second significant support area at $43.59. It found support later on and broke it’s second major support to wrap end Wednesday at $44. This has continued to today.

Litecoin LTC Price Analyst – Traders Must Carefully Find Support Zones as the Market Has Made Highs and Lows

Conversely, because the LTC market has made several lower highs and lower lows as well, it is recommended that traders are prudent when looking for good support positions. The next major support after beyond the red pattern mentioned above is the black signal at $41.00. Just like the previous support, this area has been used effectively on many occasions in the past and could be vital in Litecoin’s future price movement. RSI has entered a bearish level under 50. This could be a signal that we can expect more bearishness for LTC. An essential feature of the chart is LTC’s bounce on top of the pattern that slopes down from its high point of $50.96. If the coin retests its higher levels the aforementioned trendline must be taken out. Hence, traders must be keen for the bulls to return at any time.

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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