Litecoin News Today – The LTC/USD Pair is Set to Continue Moving in a Range – July 3rd, 2020

  • 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

NamePrice
litecoin
Litecoin
$88.98

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.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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