Litecoin News

Litecoin (LTC) Falls to $40 Mark After a Sudden Bearish Strike

Litecoin has not been spared from the overall market-wide correction over the last 24 hours. After days of steady upside trading, the LTC price has been slackened off by 4.74%, and it has been dropped to $40 price mark. It might fall even below $39 in the next few hours.

Since the beginning of this month, Litecoin has shown steady upside movement, and even on April 06, it marked a steep hike and crossed a $45 price mark. After that, on April 10, the currency faced a sudden fall, and the price spotted below $42. Further, the LTC price continued to trade with downside momentum and fell to $39 on April 16.

Later, the price escalated and crossed $42 mark on the same day. Further, it continued this upside movement, but after hitting $44 on April 19, Litecoin started a downside correction.

Litecoin Price Analysis

Litecoin (LTC) Price News
LTC/USD Chart By TradingView

LTC/USD opened yesterday at $42.34, and in the next 4 hours and 41 minutes, the price escalated by a marginal hike, and it touched the highest point of the day at $43.16. From this high, Litecoin price marked a huge decline of 8.20% that cost the coin $3.54, and the price fell to $39.61 over the next 15 hours. However, it couldn’t remain at that low for long and started strengthening towards the closing of the day and reached $40.70 by 02:11 UTC today.

Litecoin’s current price at $40.33 is 0.17% more and 0.09% less than the 20 days MA and 50 days MA, respectively. The MACD indicator reflects a bullish signal as the Signal line is well below the MACD line. However, both the lines are trending below the baseline. As per the technical indicators, LTC might not reflect a strong recovery any soon. Investors should be ready to witness heavy price swings as well.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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