Litecoin Price Analysis: 50-day SMA Protects LTC’s Downside
Daily Litecoin LTC Price Forecast
- Litecoin price market sentiment is presently negative.
- The MACD shows increasing bearish market momentum.
Since May 10, the Litecoin price crashed from $388 to $255 – losing almost $130 in its overall valuation. During this crash, LTC flipped the 20-day SMA from support to resistance. Plus, the parabolic SAR has reversed from bullish to bearish. Let’s see what’s going on with technical analysis.
Litecoin Price Negative Momentum On The Rise
Litecoin price downward slide has been stopped momentarily by the 50-day SMA. However, the MACD shows us that that market sentiment is overtly bearish. This, along with the parabolic SAR, tells us that market sentiment is extremely negative, so a further break is possible.
Image: LTC/USD daily
Looking at the IOMAP, the Litecoin price has a robust support barrier at $255. Previously, at this level, almost 71,000 addresses had purchased 2 million LTC tokens. It will take a lot of selling pressure to successfully break below this level.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely break below the 50-day SMA given the current market sentiment. LTC bulls will have to make sure that the bears don’t break below the $255 support wall.