Litecoin News Today – Litecoin LTC Price Bounces off its Channel Support – June 2nd, 2020 

  • Litecoin LTC bounces off its channel support and rendezvous at $50
  • Litecoin LTC is seating between the 50-day and the 200-day SMA
  • The coin has a positive technical picture.

Litecoin news today – The price of LTC advanced higher from its main support area at $40 just as other major cryptocurrencies did including BTC and Ether. The LTC/USD pair closed in on the &50 psychological position. However, the upside action is still limited and within the 200-day SMA. Litecoin is just under $48.52 after posting gains that took its price to $50 before it lost momentum. Looking at the downside, LTC’s 50-day SMA is set to offer support. This channel support triggered the price action since the coin dropped to $25 back in March 2020. The applied technical indicators show that buyers in control.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$42.04

Litecoin Price Analysis – Litecoin Buyers are in control of the Market

The RSI for LTC/USD is approaching the overbought area. On the other hand, MACD is moving higher and is still in the positive area. Additionally, there is a bullish divergence from MACD. This is a hint that buyers will still stay in the driver’s seat at least for now. The biggest short-term position for the bulls will be to reduce seller congestion at the $50 level. Once the $50 area is in the rearview, all gains towards $100 would begin to materialize. The price of Litecoin confluence supports and resistances. The first resistance is $49.01 and it is highlighted by LTC’s previous high via the 4-hour chart. LTC’s second resistance seats at $50.02 which is home to the 200-day SMA and the high point from last month. The initial support is $47.50 as seen in the pivot point resistance. There is also second support at $45.98 the region hosting the Fib 61.8% one-month.

Litecoin News Today – LTC/USD Must Avoid Anywhere Below $47.50 to Bring its First Resistance

Litecoin’s price will need to avoid anywhere below the $47.50 level to bring its first major resistance level into play. However, the digital asset will need support from the broader market to break Monday’s high of $48.96. In the absence of a fresh extended crypto rally, the first resistance will probably limit any chance of an upside act. A fall to LTC’s morning low to below the $47.50 level would bring the coins’ first major support of $46.09 into action. Barring a fresh crypto sell-off, the price of Litecoin should stay clear of regions below $45 and its second major support of $43.90. At press time, Litecoin was trading down by 0.27% at $48.14. The bears had control at the start of the day which took Litecoin down from its early morning high of $48.37 to $47.91.

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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