- Litecoin LTC is 11% down from its price point in June
- LTC/USD has traded in a sideways pattern since March
- Litecoin LTC may begin a recovery if it breaks the descending triangle
Litecoin news today – Despite the minor price fluctuation seen in Bitcoin, the world’s number one cryptocurrency by market cap, the overall state of the digital currency market is still dull at press time. The number eighth-largest digital coin, Litecoin, is noting a similar sideways movement on the charts, at press time. The digital asset has not been quick in its recovery since the March price crash. Since June, the price of LTC has suffered an 11% loss. The coin has fallen from the $48.96 region to the $43.44 position. As a result of its consolidating value, Litecoin is one of a few cryptos that hasn’t succeeded in recovering from the losses posted during the crash in March.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction – Litecoin’s Price is Currently Changing Hands at $48.96
As of when this content was published, Litecoin was trading at $48.96. The coin has been trading in a bearish formation via the daily chart. Since the price of Litecoin collapsed back in March, the digital asset has tried to forge a recovery and gain back its lost value. Since May, the price of LTC has continued to move in a sideways pattern. The coin has posted minor bursts and dips. The digital assets price also gave way to a descending triangle pattern. This horizontal pattern connected several lows at $40.74 after which a sloping trend joined the lower highs. This price formation has been the case since April and extended to June. As the descending triangle pattern notes the breakdown in the price for the coin, LTC may register a plunge in its value.
Litecoin LTC News Today – Litecoin LTC May Begin a Recovery if it Breaks the Descending Triangle
Per the Fib retracement that indicated the support area and resistances for the price of the coin, a breakdown could trigger a collapse in the value to the $39.81 area. $39.81 is where the coins’ support is seated. The coin might not see its value sink under this position as it has served as a strong support area in the past as well. The value of LTC at press time was hovering around $44.21 and there is strong resistance at the $45.96 area. Furthermore, the RSI (Relative Strength Index) for LTC/USD has been in equilibrium. The RSI shows that buying and selling pressures have been evening each other out. At press time, it was essential for LTC/USD to hold on to the $39.81 area. Going by previous price trends, if LTC/USD manages to break the descending triangle pattern, it may start a recovery in one day after touching this price position.