- The $43.50 area looks like a strong support position for LTC
- LTC/USD is 0.86% lower due to weak overall market sentiment
- There are several key areas for Litecoin on the downside
Litecoin news today – The overall market sentiment for digital assets has been weak since June 18. This market action has carried on to this day. Today, June 19, many of the top ten digital assets by market cap have been struggling to stay up. The tokens seem to have lost the little momentum they gathered in the last few days. One of such cryptocurrencies is Litecoin. The price of Litecoin is reportedly 0.86% lower on the day. Despite this current action, it will appear the $43.50 price area is capable of serving as a strong support position for the digital asset. A close look at the daily chart for LTC/USD shows that there are a few key positions for traders to watch out for on the downside.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – The Hourly Chart for LTC/USD Indicates a Head and Shoulders Pattern
The price of Litecoin is indicating a head and shoulders pattern. The hourly chart for LTC/USD shows that a head and shoulders pattern has emerged. This pattern could take the price of Litecoin lower which is why it holds some level of significance. But stopping this movement, we can see that there is a stubborn support area at $43.50. Hence, the bears must crack this to extend their action. This point is looking more and more like a reliable support for the digital asset. To add to Litecoin’s bearish woes, the price of Litecoin is trading below the 55-day and 200-day MAs (moving averages). For the bear action to be confirmed, the black pattern at the downside of the chart will need to be taken out of play.
Litecoin LTC Price Prediction – The MACD for LTC/USD has Dipped the Mid-Area
Looking at the technical indicators for Litecoin we can see that both the MACD pattern and the Relative Strength Index are currently in bearish territory. The MACD histogram for LTC/USD has dipped beneath the mid-point. The signal lines for LTC/USD have moved beneath the zone as well. The RSI for LTC/USD has dipped below the 50 level. We can see that there is still little space left for the RSI to enter into the oversold region. All in all, the Litecoin market is currently looking bearish. It is safe to say the head and shoulders target that just emerged on the hourly chart will take the price of Litecoin close to the $42.00 position in the coming sessions. Note that this trendline must be broken for the bears to take full control.