Litecoin Price Analysis: LTC Bears Take Full Control Of The Market

Last Updated July 23rd 2021
2 Min Read

Daily Litecoin LTC Price Forecast
  • The Litecoin price has flipped the $135 line from support to resistance.
  • The 4-hour LTC chart has formed the death cross pattern.

Following three consecutive bullish days, the Litecoin price faced major resistance at the $142 resistance barrier. After failing at this level, the sellers have managed to take control, as LTC charted two consecutive bearish days.

 

Litecoin Price Flipped The $135 Line From Support To Resistance

LTC is currently sandwiched between two strong technical levels. Over the day, the Litecoin price has managed to flip the $135 technical level from support to resistance. Presently, the 50-day SMA is doing all that it possibly can to prevent a further downfall.

ltc/usd daily chart 012721

Image: LTC/USD daily

However, IntoTheBlock’s IOMAP shows that this 50-day SMA is a moderate support wall at best. A further break could probably take LTC down to the 200-day SMA ($75).

ltc/usd volume chart 012721

Image: IntoTheBlock

The 4-hour price has flashed two signals that tell us that one could expect a further price drop. Firstly, the MACD shows us that the market momentum is becoming increasingly bearish. Secondly, the 200-bar SMA has crossed above the 50-bar SMA to form the death cross pattern. All this shows that the price may be on the verge of a further drop.

ltc/usd 4-hour chart 012721

Image: LTC/USD 4-hour

 

Litecoin Price Is Expected To Reach These Levels

A further price drop is expected, and the IOMAP shows a dangerous lack of healthy support levels. If the buyers don’t take action, Litecoin price could plummet to the 200-day SMA ($75).

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