- Litecoin LTC price is in-between a narrow range at $42 and $44
- Litecoin LTC has narrowed below a descending pattern and resistance at $40
Litecoin news today – The technical picture for the LTC/USD pair encourages consolidation for the asset between the $42 and $44 price positions. The charts show that the price of Litecoin has embarked on sideways trading. It is currently in a narrow range seating between the $42 area (which is the coin’s short-term support area) and the $44 region (which is a key resistance). Since the start of May, the LTC/USD trading pair has trimmed its value well below the key descending pattern which is resistance. The key support at the $40 area has stood up against the bears particularly during the free-fall that occurred between May 10 and 11. Let us see more about how the price of Litecoin performed over the last 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Analysis – LTC/USD is Far From the Bulls From a Technical Angle
From a technical angle, LTC price is still far from bullish control. This doesn’t mean that buyers aren’t present. Their effort isn’t enough to keep LTC’s price above the support at $42 and $40 which is the main support. The MACD pattern, for LTC/USD, is stuck in a negative region. Its bearish divergence indicates that sellers could extend their dominance. RSI, on the other hand, is horizontal and is currently at level 44. Upward movements have stalled and are just short of the average and sideways action which indicates a possible consolidation. When you look at the moving averages for LTC/USD, you will see that Litecoin is in the control of the bears. The space between the 50-day SMA and the 100-day SMA via the 4-hour chart gives a highlight of an increase in bearish control.
Litecoin Price Prediction 2020 – LTC/USD Moving Averages Will Hinder A Rise to $42.70 Area
The moving averages will possibly hinder any rise towards the $44 hurdle. Litecoin price would need to return to the $42.70 level to bring back it’s first major resistance at $43.59. The digital asset will likely require support from the broader market to break Monday’s high price point of $43.31. Barring an extended digital currency rally, the initial major resistance point would likely limit the chances of any upside movement. If the digital asset fails to move through to the $42.70 level, we could see the price of Litecoin drop deeper into the red zone. A decline to the morning low of $42.35 will bring the first significant support area (at $42.04) into play. If there is no extended crypto sell-off in the offing, the price of Litecoin should stay clear of its second major support position at $41.13.