- Litecoin LTC’s Double Bottom Reversal Has Stalled
- Litecoin is holding the 50 SMA support after it was rejected at the trendline resistance
- The coin could reach a triple-bottom pattern if it retests $42 and the 50-day SMA
Litecoin news today – Litecoin LTC refreshed its lower levels at $42 earlier in the week in the last widespread sell-off. Before that, the digital asset could only attempt a shallow recovery from $45.30. Litecoin’s upward price action was capped by a descending pattern. The drop to $42 created a double-bottom pattern. This pattern culminated in a reversal. The recovery didn’t make it past the $44.00 area. However, a similar trendline resistance halted movement to the psychological level of $50. At press time, LTC/USD was trading at $43.61. The coin is supported by the 50-day SMA (at $43.48) via the 1-hour chart. The current action is neither bullish nor bearish. Consolidation will likely come in the narrow range between the $43.00 and $44.00 areas respectively.
Litecoin News Today – LTC/USD Always Holds Sideways in a Narrow Range
The LTC/USD tends to hold sideways in narrow ranges. MACD is holding at the mid-line after recovering from the drop to -0.41. If MACD continues to hold its mean-line, LTC/USD would continue trading sideways. It is essential for the 50-day SMA which is a support area is defended at all cost. The RSI for LTC/USD is moving at level 50.00. Further losses below the $40 area can’t be ruled out just yet. Litecoin’s price rose by 0.23% this past Tuesday. It is now partially reversing a drop of 0.50% from Monday, the coin ended the day trading at $43.86. It had a mixed start today. The digital asset fell to a fresh early morning low of $43.43 before correcting upwards to attain an early intraday high position of $44.21. The coin fell short of its first major resistance of $44.63, before reaching a midday intraday low of $43.32 on June 16.
Litecoin LTC Price Prediction – The Coin Will Need Support From the Broader Market to Break $44
The coin will need support from the broader market to break the $44 level once again. Barring a general crypto rebound, the initial major resistance would likely end any upside action. Failure to move to the $43.80 pivot position could see the price of Litecoin fall back to the red zone. A fall to the morning low of $43.43 will likely bring LTC’s first major support at $43.38 into play. If there is another extended sell-off, the coins’ second major support at $42.91 would come into play. Looking at the technical indicators for the digital asset, we can see that LTC/USD has its major support at $43.38. Its major resistance is seating at $44.27. The next few days of trading will help traders determine what action to take.