- Litecoin LTC has continued to consolidate below its high of $84
- Litecoin’s failure to move past its 200-day MA shows a lack of tenacity
- RSI for LTC/USD shows a glimmer of hope above level 41
Litecoin news today – After the unexpected cryptocurrency market crash in March which was triggered by the coronavirus pandemic, top assets like Bitcoin and Ethereum have been resilient. Bitcoin in particular was able to gather enough momentum to reach its yearly high of $10,400 once again even if it was briefly. But, Litecoin on the other hand hasn’t noted this kind of momentum or level of tenacity. The price of LTC has continued to consolidate well below its yearly-high of $84. Despite, the news of a new upgrade on the network hours ago, it seems the situation hasn’t improved for Litecoin. There is a continued struggle evident for LTC considering the bearish pressure for the coin.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – Litecoin’s Price is Still Moving in an Ascending Channel
The issue with LTC’s bullish narrative its the inability to surge past the 200-day MA. On the contrary, Bitcoin and Ethereum have sustained positive rallies above their Moving Averages in recent weeks. At press time, the price of Litecoin has continued to move in an ascending channel. A bearish breakout appeared imminent as the coins’ price was moving below the average line of the above-mentioned channel pattern consistently. The possibility of a bear breakout could see LTC drop below the $41-$40 support, a range held since May began. A quick ride to the $48 resistance might surface in the coming weeks, but it will likely not breach the target. There is a key support level for LTC/USD at $36, a price position that might be the likely area by mid-July.
Litecoin Price Prediction – RSI for LTC/USD Shows a Glimmer of Hope Above Level 41
At press time, the RSI for LTC/USD was showing a glimmer at level 41. However, a move below this mark will likely trigger a fresh drop to $36. Regarding the Fib retracement, LTC has been close to 0.618% at $44 since April end. However, when you consider the drop took the price of the coin below $39, this could continue to June end. A further drop in price for the digital asset will bring the crypto near 0.382%. Further, the bearish pattern of LTC’s MACD (the red line hovering on the blue line), has the potential to dampen any form of optimism in the market. The coin may drop to $40 between 24 to 29 of June if the current trend stays in play. Further bearish pressure may take the coin’s valuation to the $36 level by mid-July.