- LTC/USD has continued to maintain a bullish trend
- The trading pair still needs to break the $45 area
- Litecoin could be set for a fresh sell-off
Litecoin news today – At press time the LTC/USD trading pair was changing hands at the $44.21 area. The coin is down from its recent high and low of $45.25 and $43.83 respectively. The 8th largest digital currency holds a current market cap of $2.88 billion. It is currently down by 1.18% in the last 24-hours of trade amid the ongoing global correction for cryptocurrencies. BTC pulled out of its recent highs too when the bulls paused and failed to take it above $10k. The LTC/USD pair could be set for another selloff should the pennant pattern cave in. The digital asset found major resistance at $48, $50, and $52. It has support at $41, $39, and $37.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – Litecoin’s Price is Moving Synchronously Above the 9 and 21-day MAs
Currently, the price of the digital asset is moving synchronously. It is seating higher than the 9 and 21-day MAs (moving averages). The price of LTC is primarily influenced by technical factors and speculative sentiment. Fundamental developments stay in the shadows. The digital asset market is known for herd behavior since everything rises and falls simultaneously. But, LTC/USD tested above $45, although the bulls couldn’t hold their position. The ongoing broad retracement in the market has pushed the price of Litecoin to $42. The coin will likely create its next local support at the $50. Additionally, the critical barrier awaits LTC/USD as it approaches the $41 support position. This price level will likely limit the correction. It also serves as a springboard for another bullish action. After it has been removed from the way, the cryptocurrency sell-off will likely gain traction with its next focus will be $39 and $37 support areas.
Litecoin Price Prediction – Litecoin’s Initial Resistance Area Seats at $46
Looking at the upside, we can find the initial resistance area for LTC/USD at $46. This resistance is created by the upper pattern of the ascending channel. A sustainable move above this price position must occur for LTC to retest $47. The additional bullish movement could make sure the coin touches $48, $50, and $52 all resistances. RSI for the coin is below the 55-level. Against the price of BTC, Litecoin’s price may start moving sideways and higher than the 9-day and 21-day MAs (moving averages). Litecoin prices could see a fresh drop to the 4700 SAT level below the moving averages. RSI is moving below the 60-level. Meaning the coin might take a bearish step back which will likely take the market back 4600 SAT and below that. Meanwhile, any bullish price movement higher than the channel might hit the resistance points at 5000 SAT and above.
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.