Litecoin Price Analysis: LTC Breaks Below Key Level
Daily Litecoin LTC Price Forecast
- Litecoin price is currently sitting above a moderate-to-strong support wall.
- The 20-bar SMA in the 4-hour chart has managed to push LTC down.
Three days back, the Litecoin price jumped from $122 to $135. The price then attempted to cross over the 20-day SMA. However, LTC bulls have been firmly rejected, which prompted the bears to step back into the market. As of now, the digital silver is trending around $131.50.
Litecoin Price Flips The 50-day SMA From Support To Resistance
Over the last two days, the bears have taken control of the Litecoin price and managed to flip the 50-day SMA from support to resistance. As things stand, LTC is dropping towards the $128 support line.
Image: LTC/USD daily
As per IntoTheBlock’s IOMAP, the support at $128 is moderate to strong since 44,000 addresses had previously purchased 2.22 million LTC tokens at this zone. If this level doesn’t hold, the Litecoin price could fall to the $100 psychological level.
The 4-hour Litecoin price candlesticks are pressed under the 20-bar and 50-bar SMAs, stopping further growth. The MACD shows sustained bearish momentum, which could trigger LTC to fall some more.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will drop to the $128 support wall. A further break below will take LTC to the $100 psychological zone.