The latest cryptocurrencies news show that Litecoin is under a lot of pressure and was seen turning bearish over the past couple of days after the LTC/USD pair plunged to lows over the weekend. However, the Litecoin price aims at $45 with its new comeback alongside Bitcoin and the broader cryptocurrency market.
In our Litecoin price analysis today, we can see that $45 is the next level to breach and the $38 support level is now far away from the current price. Still, there is room for more downsides based on the market momentum.
Medium-Term Price Trend Shows That Litecoin Price Aims At $45 And $50
As you probably know if you are following our Litecoin news, the LTC cryptocurrency has reversed back towards the $40 support level after the coin suffered another flash crash last weekend.
The technical analysis for the LTC/USD pair now shows that Litecoin aims at $45 as its new price on the cryptocurrency market. A bearish breakout from a large triangle pattern is also closely taking place on the daily time frame.
Speaking of which, the daily time frame shows that LTC has potential to visit $50 and $60 in the medium term and then continue its mission to secure higher grounds. A breakout below the $41 on the downside could cause the LTC/USD pair to fall towards the $35 and $37 levels.
Litecoin Short-Term Moving Trend
In the short term price trend, we can see that Litecoin aims at $45 today and only has a short bullish bias while the price trades above $43. Considering the fact that all cryptocurrencies are in kind of a safe mode, the four-hour timeframe shows that a head-and-shoulders pattern appears to be taking shape.
According to the size of the bearish pattern, the LTC/USD pair could fall towards the $35 levels in the short term if we see a downside potential. Anyways, the good news is that Litecoin aims to secure higher grounds after its May 10 breakdown, when the bulls rejected the downward movement from the bears.
LTC recovered and is now trading at $43. Will this rally sustain?
the next move for LTC is to escape from the $43 level which still acts as support, and breach $50 in the near future. If something like this occurs, LTC could attract even more investors.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]