- Litecoin LTC is struggling to regain its footing since dropping below $50
- The coin is at risk of losing the $40 support area
- Litecoin LTC price is trading 1% higher as the market sentiment positive
Litecoin news today – Savvy digital asset traders and investors have started to realize that there is a sense of consolidation regarding the price action of Litecoin since the Coronavirus crash (that happened in mid-March). At the time, the price of LTC dropped from the $64 area (which was a local low). As of when this content was published, Litecoin’s price was changing hands at $44. The current value of the coin is 68% of its price ($64) before the crash. Litecoin’s current price of $44.31 is seating below the Moving Averages at 50-day, 100-day, and 200-day. Litecoin’s 55-day Exponential Moving Average has effectively used recently.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – Litecoin LTCs Buying Demand and Trade Volume is on the Decline
LTC’s buying demand is on the decline alongside its trade volume. MFI is neutral and seating at 48 which is evidence of consolidation. The weekly chart is indicating a falling wedge which offers some glimmer of hope for investors. The moving averages mentioned here have become areas of resistance for the digital asset. Litecoin’s short-term support positions seat at $43, $41.43, $39.39, $36.64, $38, and $34.46. Litecoin has short-term resistance at the $44.76, $46.30, $47.48, $49.98, $49.21, and $50.88 areas. If we observe the weekly chart for LTC/USD, we will that there is hope for Litecoin. The digital asset seems to be in a falling wedge. Now, if the wedge resolves and turns to the upside, the LTC/USD pair has the potential to retest its peak from February 2020 ($85).
Litecoin LTC News Today – Litecoin LTC is Currently at the Influential 55 Exponential Moving Average
Litecoin is currently having a good session since Thursday although a minor one. It is trading by 1% higher on the day. The main feature on the daily chart is the fact that LTC’s price is heading to the 55-day EMA once more. Historically the price of LTC has reacted very well. The EMA has also been used as a support and resistance area on many occasions. The MACD pattern is also looking more positive. The histogram seems to be approaching the zero line. The signal lines are above the zero levels too which is a bullish sign as well. RSI (Relative Strength Index) is looking positive as it has shifted to the 50 mid-line. We can also see lots of space to enter the upside for Litecoin. From a technical angle, this is a firm downtrend. However, we need to see how far the ongoing correction can go for the LTC/USD pair.