Litecoin news today After the bulk of altcoins in the digital asset market experienced massive losses last month and in recent days, today these tokens are making strides towards recovery. They are all following Bitcoins footsteps. At press time almost every top digital asset is recording gains. One of these tokens is LTC. The Litecoin price has now climbed from the $41 (the position in the late hours of April 22, to its current location of $42. This move is an increase of 2.5% in the past 24 hours. Let us see more about how Litecoin performed since yesterday.

A look at the charts shows that the price of LTC looks good in the short-term outlook. However, the coin may be facing strong resistance above its current position. At least thats what one crypto analyst thinks. According to digital currency analyst David Smith, after looking at the technicals for LTC/USD, the markets current performance is set to continue although LTC might face resistance. Per his analysis, Litecoins price retraced from its lower boundary.

Litecoin (LTC) Price Today LTC / USD

If LTC/USD can pass its midline channel, it will be more likely to see sustained growth. Hence, investors can take a long position. Alternatively, there could be another opportunity if there is a correction at the lower boundary after a retracement. Another analyst called, Alex Clay is equally bullish as well. He stated that the Litecoin price has broken the ascending triangle. According to him, currently, LTC prove now faces strong resistance. If the digital asset can push through this resistance, then investors can take a long position as well. Finally, if the price of LTC undergoes a correction after a retracement, there will be another opportunity to take a long position.

Despite the bullish outlook of most analysts, others still think LTC is still bearish and speaks against long positions. Analyst Oguzhan Sengor analyzed the long-term price of Litecoin. He has reached the bearish. A look at the monthly chart shows that the Tom Demark indicator (the signal that measures the demand for an underlying instrument) has entered the red region for the past month, which is a bearish sign for the medium-term outlook. Additionally, the price of Litecoin is below its monthly moving average, which another strong bearish indicator. Hence, the cryptocurrency analyst believes that the price of Litecoin will drop to the $13 area in the medium-term.

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.

More:

Litecoin News Today - Litecoin LTC Climbs to $42 As Altcoin Market Resumes Recovery - April 23rd, 2020 - Smartereum