Litecoin News Today – Litecoin LTC Price May Break the $42 Support if the Bears Keep Pressuring the Market – May 24th, 2020 

  • Litecoin LTC price may break the $42 support area
  • After breaking past the $40 support the next target is $40
  • RSI for LTC/USD is currently moving at level 42

Litecoin news today – Today’s trade has been mixed. A look at the daily chart shows that the LTC/USD trading pair is set to find support at the $42 area. It is at the $42 support area that the market will likely provide a rebound for the price of Litecoin. Litecoin’s key resistances seat at the $48, $50, and $52 areas respectively. After finding support at the $42 area and $40, the realistic areas will be $38 and $36. As the LTC/USD pair ranges at the lower region of the channel, the support at $42 might be penetrated by the bears as long as there is an increase in bearish momentum. Litecoin’s price may inevitably fall to its previous low of $39.32 from May 11. If and when the $42 support holds, we could see a reversal and the coins’ price may start a bullish action.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$42.03

Litecoin LTC News Today – The Daily Chart Shows That Litecoin Price is Bullish

Looking at Litecoin’s daily chart, you can see that LTC/USD is bullish. The pair will likely break over the 9-day and 21-day MA’s. Currently, the bears in control of the LTC/USD. Litecoin’s RSI can be seen moving in that particular direction, indicating sideways movement in the LTC market. The price of Litecoin may decline below this channel and approach the critical support areas of $40, $38, and $36. Currently, Litecoin’s price is testing $44.22 after its recent drop. However, the Litecoin market may bounce higher to either $45 or $46 both of which are resistance levels. However, investors must pay attention to the resistances at the $48, $50, and $52 price levels. At press time, the price of Litecoin is on a range. There’s a high chance for the coin to break.

Litecoin LTC News Today – Litecoin’s Price is Attempting to Move Over the 921-day MA

Meanwhile, when compared to the price of Bitcoin, the Litecoin price is currently attempting to cross the 921-day MA in other to get to the resistance of 0.0050 BTC. Note that the price of the coin must close above the aforementioned resistance area, if not, there will likely be no valid reason to expect a long-term bullish reversal for the coin. However, since LTC is trading below its moving averages, it could refresh lows below the 0.0045 BTC area and a possible bear continuation will take LTC to the significant support at 0.0044 BTC before it drops to 0.0043 BTC and below. Meanwhile the RSI for LTC/USD is currently moving at level 42.

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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