Much like the price of Bitcoin, the Litecoin value had continued to trade in a tight price band. The digital asset will likely breach the same point anytime soon. While the Bollinger Bands for LTC/USD were holding firm and appear to be pointed to volatility in the cryptocurrency market, LTC’s MACD signal is seating just under the Signal pattern on the 4-hour chart.
This action took place after the recent crossover. The coin has fallen to $41 and made an upward correction. The upward price movement is currently marginal as the digital asset resumes consolidation above the $42 price position.
Incidentally, the most recent support position for LTC was where the digital asset had rebounded earlier to reach $46. Looking at the upside, the price of Litecoin can return to its previous high position of $46, should it rebound.
- LTC/USD is still moving in a tight price band
- The BB (Bollinger Bands) are firm which points toward volatility
- Litecoin’s recent upward action has been erased by the current trend
Litecoin news today – Litecoin which is often called the silver to Bitcoin’s gold, is in distress at press time. The digital asset has, to some extent, mirrored Bitcoin’s price action in recent months. The price of LTC has managed to touch its latest resistance positions in the first seven days of June.
Meanwhile, in the last week, the price of Litecoin has dropped by 6% on the daily chart. It appears the current price action is an extension of the downtrend posted by LTC since June. The latest price action of the digital asset shows that the current trend for Litecoin price doesn’t look like it will change anytime soon. This is the case despite a few minor rallies and bursts over the last seven days. Currently, LTC/USD is in a tight price band. The gains posted during the most recent price rally have been erased
Litecoin LTC Price Prediction – Litecoin’s Recent Upward Action has Been Erased by the Current Trend
Litecoin’s recent upward action has been erased by the recent decline. Looking at the downside, if the bears breach $42, LTC could struggle. The coin could further depreciate to $39. Technically, history happens again, if there is a fresh rebound above $42. A rebound above $42 will take LTC/USD to $46. The momentum can extend to $51. The daily chart shows that the pair is consolidating above $42. This will remain as the market awaits another rebound.
The recent drop took the price below the EMAs. This implies that the coin’s downward movement would likely continue. The digital asset market is currently bearish as the coin is below the 50% range via the daily stochastic. Both EMAs are seating horizontally which indicates that LTC is now consolidating.
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.
