Litecoin News Today – Litecoin’s Short-term Outlook is Bearish But The Bulls May Return Soon – July 17th, 2020

  • Litecoin’s short-term outlook is bearish. The digital asset has a high selling pressure
  • The price of Litecoin will rise to $50 soon

Litecoin news today – The LTC/USD recently traded at the $41.56 area and continued to move in an ascending channel. On July 16, the Litecoin price managed to fall to the $41.50 mark. The crypto has been trading between the $41.50 and $42.50 positions in the last 24-hours. The crypto analysts on TradingView are of the view that LTC/USD may soon see an uptrend in the coming sessions. At the beginning of July 16, the price of LTC traded between $43.00 and $43.50, before turning bearish following from the first quarter of the session today. Before 07:30 GMT, the Litecoin price had dropped beneath the $41.50 area.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$44.08

Litecoin Price Analysis – What Can We Expect from the Price Action of Litecoin?

As of when this content was written, the price of Litecoin was still bearish. For the day’s highest position, the price of LTC price managed to reach the $43.43 position, while the coins’ lowest price point so far on the day was recorded at the $41.14 region. The TradingView analyst Baki Shirzadi believes that the LTC/USD trading pair will drop to the $39 support position. Per the conclusion issues by the crypto analyst, the buy position for this trade seats near the $39.026 position. What this means for the digital asset is that if its price falls to the next support area, it will become bullish and eventually move past the $50 mark. This can be seen in the daily chart posted by the TradingView analyst. For this trading idea, the analyst has suggested that traders buy LTC in the $37 to $39 zone. Soon the bearish price action will change course and begin to move higher.

Litecoin Price Prediction – Litecoin’s Price Will Rise to $50

Another TradingView analyst known as Henrudena has a similar opinion. According to Henrudena, the LTC/USD trading pair will inevitably see price rise to the $50 area. According to the 1-day chart for LTC/USD, the analyst prepared a wave correction for the LTC. The analyst also believes that the crypto will move past the $60 mark. This seems to be the only way for the trading pair to complete this wave correction. At press time the price of Litecoin was trading at $41.97. The digital asset carried the ongoing bearish action to Today July 17. The digital asset is down by 2.09% at press time. The coin also had a total market cap of $$2,730,233,193 and 24-hour trading volume of $1,601,328,056. The next few Litecoin LTC trading sessions will help traders determine the best action.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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