- Litecoin’s price is moving downward after shifting from its range
- The LTC/USD pair may drop to the $40 support area
- There is a strong bearish sentiment currently for LTC
Litecoin news today – As the market opened today, the price of Litecoin has been facing the bearish movement. After reaching a daily high of $45.70, the LTC/USD trading price can be seen moving in a bearish pattern as it approaches the 9-day and 21-day MA (moving averages). Looking at the upside, we can see that the market pattern remains under the $48 level. Locking operations over the past 3 weeks have been dull and offered only a few actions in terms of trading activities. However, the broken support area for the price of Litecoin indicates the formation of a bottom trend which indicates that there is huge bearish pressure in the mix.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction – Litecoin’s Price is Currently Trading at $43.77
Meanwhile, the LTC/USD pair couldn’t avoid the bearish wave that hit the market in June. However, this downward pattern has exerted intense pressure on the key support areas established above the $45 level. The drop in value devastated the support position and pushed the digital asset below the $40 area. At press time, the digital asset is changing hands at $43.77 after losing about 3.59% in the last 24-hours. The RSI is heading below the 55 levels. This shows that the bearish pressure might continue to affect the support of $42 if it ends up crossing below the 50 level. Litecoin may witness further drops at support areas of $40, $38, and $36. If the current price position can be sustained, traders could see another buyback. And there will the $48 resistance will be attainable before getting to $50, $52, and $54 all of which are resistances.
Litecoin Price Analysis – Litecoin’s Price is Moving Sideways Against Bitcoin
Against Bitcoin, the price of Litecoin is moving in a sideways range since May 14. The coins’ price is currently changing hands at 4768 SAT which is slightly above the 9-day and 21-day MA’s (moving averages). With trade volume accumulating on Litecoin’s chart, it is safe to say the coins’ value may fall to the 4500 SAT area before reaching 4400 SAT and 4300 SAT both of which are support areas. However, the RSI indicator for LTC can be seen moving downward from the 60 level. This indicates that there is a downward trend in play. For the LTC/BTC pair to increase and approach the resistances at 4900 SAT and 5000 SAT, the RSI must move above the 60-level. It must indicate that the bulls have come back to the market. The key resistance levels for LTC include $50, $52, and $54. The key support positions for LTC include $40, $38, and $36.