- Litecoin’s Price Went Down by 0.10% in Last 24-hours
- LTC/USD is changing hands at $43 over the last day
- The coin has maintained an ascending channel in last 60+ days
Litecoin news today – The price of LTC has had an uneven run on the price charts since the cryptocurrency price crash in March. While the price of the digital asset has on some occasions moved past its 12 March drop, June hasn’t been reassuring for the coins’ price. Since the beginning of June, the trading price of the number 7 largest digital coin by market cap has been on a prominent downtrend. All attempts to stay bullish have been slow. At press time, the price of Litecoin was $43. The coins’ market cap was $2.7 billion. In the last 24-hours, the coins’ price dropped by 0.10%. However, LTC/USD had a 24-hour trade volume of $1.7 billion in the same period.
Litecoin News Today – LTC/USD in an Ascending Channel Formation for Last Two Months
Litecoin (LTC) Price Today – LTC / USD
According to the daily chart, the price of Litecoin has maintained an ascending channel formation in the last two and a half months. This action is approaching a breakout. For LTC, if there is a break from this formation, the value of the coin will likely drop to its next strong support area. At as of when this content was written, Litecoin had two crucial support positions at $39 and $35 respectively. The coins’ resistance level was at the $47 position. When the price of LTC breaks the above-mentioned formation, it will head towards the first target at $39 in the coming weeks. However, if there is a short-term bullish momentum, the price of LTC/USD may stay in this formation and head to the resistance at $47. This could make it LTC’s next plausible target in the same chart.
Litecoin Price Prediction – MACD for LTC/USD Indicator Underwent a Bearish Crossover
The MACD for LTC/USD underwent a bear crossover seven days ago. The signal line moved past the MACD pattern. RSI may be closer to the oversold region, but it is largely in neutral territory. The norm of altcoins having a high correlation with Bitcoin seems to have changed in the last 3-months. However, since 2019 ended, the correlation between LTC-BTC has risen from 0.63 to 0.86. LTC has maintained an ascending channel for most of this time. Once the coin experiences a price break, it will likely head to $39 within the first seven days of July. If the price of Litecoin manages to see some bullish momentum, it will likely move to the key resistance area at $47. Judging by the technical indicators, it is safe to say that Litecoin’s price will go below the $40 level in the coming weeks.