- Litecoin LTC price rises above the $43.00 mark
- The $43.00 is the intraday high for LTC and a strong recovery
- There is still a huge near flag retest position
Litecoin news today – Today, the Litecoin LTC market is bullish to an extent. The digital asset is now on the rise after a few days of straying to the negative region. It was only a few hours ago that Litecoin price was struggling to move past the $40 mark. Some analysts were sure without any doubt that LTC could experience further lows. However, a few hours later the reverse is the case for the digital asset. Earlier it was predicted that if LTC price didn’t decline further after finding support at the $40 area that it could see an intraday high above that area. Now, LTC’s intraday high stands at $43.75.
Litecoin Price Prediction 2020 – The $43.00 is the Intraday High for LTC and a Strong Recovery
The Litecoin price retreated to the $42.65 area. However, despite this retreat, it remains 9% higher than it was at the start of the day. Hence, the bulls still hold control. Litecoin has an overall market cap of $2.7 billion. It has an average 24-hour trading volume of $4.6 billion. Via the 4-hour chart, there is a Hammer, which is a dependable bullish indicator. The coins’ price rose significantly following this signal. On the daily chart, the price movement has entered a horizontal pattern. It could remain at this point for some time. The MAs are pointing towards a buy signal.
Litecoin Price Prediction – Litecoin LTC Has a Huge Bear Flag Retest Despite Bullish Action
Now that LTC has followed the digital asset market into recovery the coins’ price is still looking at a bear flag retest. The bulls taking back control hasn’t completely changed the fortunes of Litecoin. This possibility can not be ruled out for the coin because it was trading in the positive area after gaining 7.80 % during Wednesday’s trading session. However, the bears came back hours later as a high rate of volatility hit the market. At that time the LTC/USD trading pair encountered explosive buying at the $38.50 area. It later retracted and found support at $40. It was at this point that analysts began to speculate the outcome of the coin’s next movement.
Litecoin (LTC) Price Today – LTC / USD
Just like how the price of LTC managed to print new highs for the week on that day following the jump upwards, so it has done today. Whether this newfound momentum would take the price higher remains to be seen. One thing we can be sure of is the high volatility rate for the digital asset. Hence, we must understand that any outcome is possible.
