- The LTC/USD trading pair to continue hibernating in a range
- The price of Litecoin failed to move past the $42 level
- The LTC price settled below the 50-day SMA via the 1-hour chart
Litecoin news today – The charts show that the Litecoin price is moving in a range. The price of the digital asset failed in its attempt to move ahead of the $42 area. It ended up settling below the 50-day Simple Moving Average on the 1-hour chart. Only a minor 21% of Litecoin’s wallets (addresses) were seated in the green zone. Litecoin is still the number seven largest digital asset by market cap with a current valuation of $2.7 billion. The coin also has an average 24-hour trade volume of $1.15 billion. The digital asset is locked with a tight range as it seats below $42. The LTC/USD pair has barely changed on a day-to-day basis. However, it is down by 1% since Thursday began.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – 75% of LTC’s Addresses are Nursing Losses at Press Time
As of when this content was written, just 21% of LTC’s overall addresses were in the green. The remaining 75% are currently nursing losses. Litecoin’s addresses have an average balance of $1,000. The average transaction size increased to $6,000 from $2,700 at the start of this week, according to data published by Intotheblock. According to the intraday charts, the LTC/USD pair is hovering at $41.50 and the 50-day SMA via the 1-hour chart. If the price of Litecoin only extended its decline below the $41 level. This barrier could slow down LTC’s short-term bears after previously serving as a backstop since the week began. If the market sell-off gains traction, the price of LTC may retreat to $40. The next strong support area will come at the recent low points of $39.44 and $38.00.
Litecoin News Today – Litecoin Must Move Above $42 to Improve its Short-term Outlook
Looking at the upside, we will agree that a sustainable move above the $42 must happen if the price of Litecoin must improve its short-term technical picture. Note the above-mentioned barrier is reinforced by the 200-day Simple Moving Average via the 1-hour chart. Once this barrier has been taken out of the way, the upside will likely gain traction. Its next focus in terms of price action will be between $43 and $43.30. These positions fall within the resistance areas that capped the minor recovery that Litecoin posted on June 26 this year. The RSI for the LTC/USD trading pair via the 1-hour chart is seating flat in a neutral position. This means that the current short-term range-bound trading pattern for the digital asset may continue to prevail at this stage. At least that’s what the technical picture points out for Litecoin.