- LTC/USD to take a break before approaching $45 again
- Litecoin’s price retreated below $44 after recovering losses
- The $45 resistance area has kept LTC from an extended upside action
Litecoin news today – The price of Litecoin is reportedly in a downside bias in the short-term after it failed in its attempt to stay above $44. The digital asset is currently trading at the $43.95 area. The price of LTC has been mostly unchanged since the beginning of the day. It has also been stagnant day-to-day of its most recent high point. The coins’ price recently reached $44.65 which was high at the time. Litecoin is still holding the number seven position among the list of digital assets with the largest market cap with a current market capitalization of $2.8 billion. The coin also has an average 24-hour trading volume of $1.5 billion. Let us see Litecoin’s technical picture over the last 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – LTC/USD Settled in Bottom of the Bollinger Band on the Daily Chart
Looking at the daily chart for LTC/USD, we can see that the trading pair has settled in the bottom of the Bollinger Band despite the coins’ growing bearish pressure. The RSI for LTC/USD via the 1-hour chart indicates a downward action. Meaning, that the ongoing price correction for LTC may be extended to its local support that was created on the 1-hour chart (the 50-day SMA at $43.70). This price area served as a reliable channel resistance area and now has the potential to stop the ongoing sell-off. If this point is broken, then the LTC/USD pair will return to its previous range and its next short-term support area will be at $43. Looking at the upside, LTC will need a sustainable move above the $44 area. The next price resistance area for LTC/USD will be created by its recent high point at $44.65. After moving past this area, LTC’s recovery might be extended to $45.
Litecoin News Today – How LTC/USD Looks on the 1-hour chart
Looking at the daily chart, we can see the LTC/USD pair has found support at the 100-day SMA near the $43 support. Since June 11 this has limited the sell-off. The next support comes at $41.50 and $40. $41.50 is reinforced by $39.50. The 50-day SMA and the middle pattern of the Bollinger Band add more strength to the $44.65 resistance area. A sustainable move above the above-mentioned resistance area will pave the way for a move to $50 with the 200-day SMA located on approach which stopped the recovery earlier in the month. This area may be difficult to defeat.