Litecoin News Today – LTC Price Moves to The Bearish Area After Days of Bullish Recovery – May 2nd, 2020

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  • The price of Litecoin LTC is still bearish in the last 24-hours
  • The coin was recently rejected at the $50 area after a brief bull run
  • Luno exchange listing hasn’t impacted LTC’s price yet

Litecoin news today – The price of Litecoin remains in the bearish side of the market. This posture was taken after the digital asset was rejected at the psychological resistance level at $50 over the last 24-hours. Recall that Litecoin followed Bitcoin’s lead this past Wednesday after the coin surged higher due to hype surrounding it’s upcoming halving. LTC’s price momentously surged by 13% and tested the $50 area before it retraced the entire candle a day later. From then to now, the coin has stayed bearish and is looking likely to stay that way as analysts predicted already.

Litecoin (LTC) Price Today – LTC / USD

Litecoin News Today – Litecoin Has Stayed Around the $47.90 Mark

At press time Litecoin was trading at $47.90. The continuation of the downside action will likely be maintained. If Litecoin continues trading below the $50 mark and the 200 Moving Average at $52 it will remain in the control of the bears and the upcoming Bitcoin halving won’t affect it. Bitcoin’s halving will occur in 12 days. BTC’s halving has been kind to the entire market going by historical data. The previous halving in 2016 was the spark to 2017’s bull run that took Litecoin’s price to the $420 mark. Note that the main focus for now will be on Bitcoin’s initial reaction and how it responds to the halving event. This in turn will effectively cause a coin supply reduction. Altcoins like Litecoin will likely rally as Bitcoin begins to consolidate after rising going by history. Traders will move in to take their profits on Bitcoin.

Litecoin Price Prediction – Luno Listing Announcement Has Not Impacted the LTC Price

Recall that a several days ago, Luno cryptocurrency exchange announced that it will list the top ten digital asset LTC sometime this month. Such an announcement would normally trigger a bull action for the digital asset involved. However, at press time this doesn’t seem to be the case. The move by the exchange hasn’t had any impact whatsoever on the price of Litecoin. So what’s next for Litecoin as the Bitcoin halving event approaches? If Litecoin price can piggyback on Bitcoin’s potential success after it’s halving event, the upside price targets for the coin (LTC) will begin to emerge at the $59, $64 and $72 mark. Note that breaking above the 200 Moving Average will be significant if the bull rally will be sustained. BTC, meanwhile, must make sure it stays above the $8,400 mark this weekend. The reason is to avoid a fresh gruelling and dramatic price correction.

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.