Litecoin LTC News Today – Litecoin LTC Loses Bullish Momentum, Slides Lower as Bitcoin Retraces, August 2nd, 2020 

  • Litecoin LTC Moves Lower Against the USD After Major Bullish Rally 
  • Litecoin’s Price Correction Comes the Same Time as Bitcoin’s Price Correction 

Litecoin News Today – Litecoin LTC has made significant progress over the last few days gaining more than anyone expected within a short time. However, the rally has started stalling and the token is losing its recent gains. When the price of Litecoin LTC started surging against the USD, it managed to find its way back to the 7th position on CoinMarketCap. The token moved as high as $60 before it faced resistance and started to correct lower against the USD along with Bitcoin BTC and many other cryptocurrencies.

Litecoin LTC News Today – Litecoin Surges Along With the Rest of the Market But Corrects Lower With Bitcoin

At the time of writing, the price of Litecoin LTC was $56.94. It is down by 3.79% against the USD and down by 0.04% against Bitcoin BTC. The trading volume over a 24 hour period is $3,777,763,660 and the market capitalization is $3,710,308,054. Earlier today, Bitcoin BTC was correcting lower just like Litecoin LTC. However, Bitcoin has started gaining momentum. It is now trading higher by 3.5 % at $11,724.96. The Litecoin LTC market cap has dropped from the $3.89k level to its current level. However, there is still hope that the bulls will come back to the market as the Bitcoin bulls are coming back with full force and pushing the price of the BTC token to the $12k level once again.

In the first 6 hours of trading today, Litecoin LTC formed an ascending trendline at the $59.88 level. The rally was an extension of the price surge that started on the 21st of July. Since then, spurts of growth have been showing up on the price charts at higher highs and higher lows. Still, the LTC token was able to cross key resistances comfortably and without stalling. The token is currently extremely volatile as you can see from the widening of the Bollinger bands. However, the signal line is under the price bars implying that the price will soon move upwards irrespective of the current trend in the market.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$87.27

The relative strength index is now at the overbought level. This indicates that the sellers will control the market for a while before the bulls resume the rally. Hopefully, the price of LTC will reach an equilibrium level soon. If the token starts falling against the USD, it will find strong support at the $56.35 level. This level is already preventing the token from reaching lower lows. The next support after this level will be at $48. Since Bitcoin BTC has started moving higher, the LTC token will most likely follow its lead. Upward, the key resistance is at $60.

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.

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