Litecoin News Today – LTC/USD Pair is Facing an Imminent Plunge – June 23rd, 2020 

  • Litecoin’s price is facing an imminent plunge
  • There are bearish signals in the horizon
  • Litecoin LTC is returning to its initial position of bullish contact

Litecoin news today – The price of LTC is fast returning to its initial point of bull contact. The coin returns to this action after undergoing several concurrent bear markets. These bear markets which was in March sent the LTC/USD pair down by a mile. Initially, the digital asset raced up the price charts and even launched an assault towards the $50 mark. Unfortunately for LTC/USD, it has now lost over 80% of the gains it accrued in the past 2 days and in the months before March. Litecoin’s price has descended greatly through several serious price losses from the $50.05 mark. The Litecoin bulls even accepted defeat at the $50 area. Which is why the coin crashed until it found support at $44.5.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$41.90

Litecoin Price Prediction – The Price of Litecoin is Changing Hands at $46.8 Currently

After initiating a sudden 100% price retracement, the LTC/USD trading pair is now fighting to gather some bullish signs as it continues its rise back to the top. In any case, the market sentiment is bearish for the digital asset in the short-term outlook. This price trend issues a double-sided bearish bar beneath the 9-day MA (moving average). The last of these bars found some support at the 0.5% Fib retracement position at $46.8. At press time, the price of Litecoin is changing hands at the $46.8 area. The digital asset reached $46.8 on the day after losing 1% in the last hour of trade. The coins’ total market cap remains steady at least since the last 24-hours of trade at $3.05 billion. LTC/USD also had a 24-hour trade volume of $2.72 billion at press time.

Litecoin news today – Litecoin Could Face Resistance at the 23.6% Fib Retracement

Litecoin has suddenly resurrected from its detrimental bearish movement after bouncing off the price support at the 50% Fib retracement area. Considering the current pace of the bull takeover, it is likely that the price of the digital asset will face some resistance at the 23.6% Fib retracement area. If there is a price rejection at that position, the next support area lies at $46.71. Some indicators display a bearish sentiment in the short-term outlook. The RSI for LTC/USD is crashing below the 50 level just after returning from the overbought area. If this price movement continues, the oversold area at level 30 may end acting as the next major support area for the digital asset. At this RSI point, we expect the price of Litecoin to be seating at the 61.8% Fib retracement.

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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