Litecoin News Today – Litecoin LTC’s Double Bottom Reversal Has Stalled – June 17th, 2020 

  • 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.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.