- The value of Litecoin has dropped drastically in recent weeks
- Litecoin found resistance at $42, $44, and $47
- At press time, LTC/USD was changing hands at $4
Litecoin news today – The digital currency market has not posted any sustained upward action in recent weeks. The bulk of the major tokens have been doing the opposite by consolidating in the last few weeks. However, these types of price action haven’t necessarily been a sign of a bearish picture directly for the major cryptos. One such coin’ is Litecoin. Since the March crash, all hasn’t been well for Litecoin. The coin has settled with $41 and $45 in the last few weeks. Let us see an analysis of how the price of Litecoin performed in the last few days.
Litecoin News Today – Litecoin’s Value Has Dropped Drastically in Recent Weeks
The value of Litecoin has depreciated in the past few weeks and the last 30 days. This can be attributed to the lack of new updates from the network. Come to think of it, the only development from the Litecoin Foundation recently is the announcement of the Litecoin Core 0.18.1’s update. At press time, the price of LTC was trading at a low of $41.57. The digital token found resistances at $42, $44, and $47, based on its historic movement. Although, the downward action for the coins’ price has been giving way to a bullish action. This position is currently awaiting a major breakout. The 6-hour chart shows that the price of Litecoin started trending downward the moment June correction began. Litecoin’s price not been able to hold the $45 price position, slipping further downwards to $42. As of when this content was written, the digital asset was valued at $41.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction – Litecoin’s Price Has Been Rebounding at $41
The price of Litecoin was trading. It has been rebounding at this position. May not sink beneath the $41 area. This has been an important area of support for the Litecoin in the last few days. If the selling pressure rises, the digital asset may dip to the $38 area. If the price of LTC breaks this pattern, it could trigger a move to $42 because of the strong resistance in this area. If the coin manages to push through this position, its price could climb to $44.27. Considering the low price point of Litecoin, the digital asset may remain in the buying territory. This is highlighted by the CMF (Chaikin Money Flow) indicator. Despite the current price action, the correlation between Bitcoin and Litecoin is still on the high side. With this strong correlation, the price of LTC may continue following Bitcoin’s lead at least when it comes to the price trend. Going by the technical indicators, the price of Litecoin might take around. It will likely reach $42.85 in the coming days.