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