Litecoin News Today – LTC/USD Pair is Approaching $50 After a Big Breakout, Will the Bulls Hold the Line? June 11th, 2020 

  • LTC/USD is set to reach $50 after a big breakout
  • The price of Litecoin is up by 2% at press time 
  • The coin is trading higher than its 12-day EMA 

Litecoin News Today – The price of Litecoin just experienced a fresh significant bull break. The coin has now posted gains of around 2% in the last 24-hours despite facing rejection at the $47 price position. Let us take a look at Litecoin’s next resistance positions as the coin continues its journey to the hugely significant $50 level. The LTC/USD trading pair faces some opposition at the $46.91 price position. This is the point where the coin saw its previous daily high. It is also the region where the upper Bollinger Band converges via the 4-hour chart for LTC/USD. Note that the digital asset faced resistance at the $47 level and the $47.24 respectively. The latter was the previous high for LTC/USD via the 4-hour chart.

Litecoin Price Prediction – Litecoin LTC is Now Trading Near a Significant Support Between $46.59 and $47.67

The price of Litecoin is just trading around an important area of support. It is seating in the area between $46.59 and $47.67 alongside the 200-day SMA as seen on the hourly. There is also strong support at the 50-day SMA via the 4-hour chart and the 38.2% Fib retracement on the weekly chart. This support can also be seen at the 10-day SMA on the 15-minute chart for LTC/USD. Litecoin can look for its previous daily low points for deeper support areas. LTC rose by 1.79% yesterday June 10. Litecoin ended the session at $46.71. The coin had a mixed start today and reached a mid-morning high of $46.30. The coin fell short of its first major resistance at $46.74.

Litecoin News Today – In conclusion of Litecoin’s movement in the last day, steering clear of its first major support position at the $45.26 area, the digital asset rallied to an afternoon intraday high in late hours at $47.15. The price of Litecoin also broke its first major resistance position at $46.74. After this action, it fell back to a low of $46.01. After finding support, later on, LTC/USD moved back to the $46.70 level to deliver the day’s upside. The coins’ first major resistance of $46.74 pinned it back later in the day. After a mixed start to June 10, Litecoin dropped to an early morning low price point of $46.64 before it managed to rise to a fresh high of $46.85. Note that Litecoin left its major support and resistance areas untested early on.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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