- LTC/USD has hit monthly lows on the day
- Sellers are currently in control of the market
- Litecoin has risen by 0.59% on the day
Litecoin news today – There hasn’t been much in the development scene for Litecoin in recent days. The coin has followed the trend of the rest of the market since this year. Today the price of Litecoin recovered from the severe losses it posted earlier. Those losses drove the price of Litecoin to fresh monthly lows. As of when this content was written, the LTC/USD trading pair managed to return to the positive area. This move is a sign that the bulls have continued fighting to stay up and close to the 100-day MA (moving average). Recall from the last LTC/USD analysis that the bears took control of the price action below the $43.07 area. The coin dropped further backward and today now it has risen slightly in a minor rally. Let’s see more about how the price of Litecoin performed in the last 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – The LTC/USD Pair is Trading at $42.81 After Gaining 0.59%
The price of Litecoin is 0.59% higher and trading at $42.81 at press time. The number seven largest crypto by market capitalization is still within the bearish territory. Recall that it entered the bearish area after its price breached the 100-day moving average keeping it within the levels below. The current technical picture of the digital asset is bearish despite the minor gains the coin has posted today. The price of Litecoin is currently trading below all the major daily moving averages on the daily chart. The only thing that can cancel the current negative momentum for LTC is a move above the 100-day MA. Looking at the downside, the first support for LTC/USD will be at $41.61. The next position to watch for Litecoin on the downside is the $40 low from May 10.
Litecoin Price Prediction – There is Immediate Resistance for LTC/USD at $42.96
If there is a credible break beneath the $40, it may open the way for the coin to test the previous low from 20 April at $39.54. The sellers currently have the upper hand in the market for LTC/USD. On the other hand, the LTC/USD pair has its immediate resistance position at $42.96 which is the daily high. If there is a break higher, Litecoin’s next major hurdle will be at the $43.38 area (and the 100-day MA). Finally, if Litecoin initiates a move above the above-mentioned level, it may attract more buyers. The buyers will target the $44.56 and the 50-day moving average.