- Litecoin LTC price is now trading sideways
- The coin has been sideways in recent weeks
- Litecoin LTC’s price action formed a symmetrical triangle pattern
Litecoin news today – The price of LTC has been trading sideways in the last month following the coronavirus-triggered selloff which forced the coins’ movement to hit a 15-month low point at $25.00. Recall from an earlier report that the Litecoin Foundation sealed a deal with game-maker, Atari. Whether the move to work with Atari will help boost LTC’s adoption and improve its price action remains to be seen. For now the collaboration is in the early stages. The goal of the partnership is to offer an approved payment model for investors looking to buy Atari’s Token. Let us see more on the coins’ performance over the past 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin news today – Litecoin’s Series of Higher Highs Was Breached in Week-1 of May
After posting a 15-month low a $25.00 two months ago, the price of Litecoin has been trading sideways. It has done this with a slight bias to the green. Looking at the long-term chart for LTC/USD, we can see that the digital asset has been on moving downwards at a steady pace. After the timely corrections that the coin experienced on May 9, the price of LTC substantially strengthened and reached its local bottom of $40. Any chance of a breach below this range doesn’t look possible in the future. If Litecoin adheres to it’s any attempted uptrend (the green line), there may be a chance for the digital asset to test the key resistance $49 as we approach the second week of June. Still, the significant resistance imposed by Litecoin’s 200-day Moving Average might be essential to this prediction materializing. As discussed earlier, a strong sideways action can be seen between the $43 and $47 areas.
Litecoin price analysis – The Daily Chart Shows That Litecoin Has Created a Symmetric Triangle
The price action of Litecoin has formed a symmetrical triangle. The two patterns have now converged. Meaning we will get a voluminous action on either side soon. The price of Litecoin will face resistance within $49 and $51 if it breaks higher. Looking at the downside, the support between $38 and $39 will likely provide immediate backup for the coin. Litecoin’s price is now approaching the final stretch of the triangle and next week probably be a crucial one for the coins’ short-term price action. RSI indicates that there is an influx of buying pressure. But buyers failed to demonstrate any clear upper hand. The short-term readings don’t identify the steady levels that were seen in the long-term position. Litecoin met strong resistance at $46. It will likely re-test the $44.04 immediate support.