- Litecoin’s LTC bulls have returned for a brief spell on the day
- Litecoin’s LTC price posted 5% daily gains on the day
- The coin has left the 4-week downward price action
Litecoin news today – Litecoin is set to post more gains after it breached the 4-week downward pattern it had been in. If the coin breaks above the 0.0050 BTC level, it could be a sign of good things to come. The price of Litecoin is currently bullish across all trading pairs. Looking at the market dynamics we can see that digital assets have gained value in recent days. Now the price of LTC has gone up by 5% in the last 24-hours after it broke from a downward range. Note that, the current bull action moved from the blue demand position of $42 following the drop to $39 on May 11. The coins’ price is now approaching resistance at $47.68 after the bulls returned.
Litecoin LTC Price Prediction – The Litecoin Price Will Target $50.7 after Breaching $47.68
As press time, Litecoin is trading at $47. If it surpasses $47.68, the next resistance will be $50.7. From here the price of LTC could reach $56. In the past 48-hours, LTC was supported at $44. If $44 fails to hold, the coins’ price could slip $42. The last defense for the short-term is $39. However, the current market sentiment shows that bulls are gaining control. After establishing its weekly support at 0.00465 BTC, LTC saw a 2-day bounce to its current point and minor resistance at 0.004915 BTC. According to the 4-hour chart, the latest price rise for LTC was activated by a cup-and-handle pattern. Litecoin must still clear a major resistance at 0.00503 BTC before coming out of the control of the bears.
Litecoin News Today – Despite the Possibility of Struggling, LTC’s Fundamentals Look Bullish
Despite the chance of struggling, LTC, the 7th largest crypto by market cap is still looking bullish via the 4-hour chart. Against BTC LTC’s current trading sits at 0.004905 BTC. One thing that might suspend buying pressure for some time is the yellow regression pattern that has been forming since March. The moment Litecoin conquers the key resistance positions, the next major area is expected to fall at the 0.00523 BTC region. Before this breakout, there is a hidden resistance at the 0.004966 BTC area. Apart from the 0.00465 BTC weekly support, Litecoin’s price has further daily support at the 0.00476 BTC area. If the coins’ price drops beneath these levels, it will likely revisit it’s monthly low once more. There’s currently no sign of sellers. Which is a good sign for the digital asset.