- Litecoin LTC may be bearish but it isn’t dead
- The allure of Cardano and Litecoin working together may trigger a rally
- LTC/USD is facing an important resistance above $45
Litecoin news today – Apart from facing a strict resistance position above $85 via the Year-To-Date chart and at the $45 level on the monthly chart, Litecoin is currently gaining attention. Yes, the digital currency offering has become the center of attention after Cardano’s Charles Hoskinson welcomed the idea of him and Litecoin’s Charli Lee working together. Moreover, the price of Litecoin was believed to be dead for some time now. Speaking in Litecoin’s defense, dead tokens can not be consonant, vigorous and liquid, for 11 consecutive years with a regular level of growth and development. LTC appears strong. The digital asset is currently growing at a manageable pace. Remember that the asset isn’t moving a way that’s inconsistent with the current growth cycle of the overall market.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – The Litecoin Price has Been Strengthening Since July Started
Looking at the hourly chart for LTC/USD, we can see that the Litecoin price has been strengthening its position against the USD since the start of the ongoing month (July). The digital currency is currently facing a strict resistance position above $45. $45 is the recent 30-day high point for LTC/USD. During the intraday, the price of Litecoin pulled back after it managed to reclaim its 30-day high. The digital asset is now changing hands at $43.97. LTC/USD is in a bearish divergence because of its recent intraday correction. Having confirmed this, the price of the coin is falling gradually and it is currently holding the 50-day Moving Average with the support position at $44.79. It is also retaining the support area from the 200-day daily Moving Average at $42.79.
Litecoin Price Prediction 2020 – What do the Technical Indicators for LTC/USD Say?
Even Litecoin is rising at a steady pace lately, the technical indicators for the LTC/USD trading pair are not showing a completely positive picture. According to the daily chart, the 20-day Bollinger Bands can be seen widening gradually. Besides, the LTC/USD pair is moving at a lower price trend and already hitting the lower BB. However, the price of the digital asset hasn’t managed to breach the same area. The MACD pattern for LTC/USD holds a bearish divergence. Meanwhile, the signal line for LTC/USD is crossing above the MACD pattern right after the recent downward consolidation beneath $45. As for the RSI for LTC/USD, it can be seen moving towards the support pattern. It is currently set to hold any trading extremities at the 42.55 level. Time will determine if Lee and Hoskinson will put heads together.
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.