Litecoin Price Analysis: LTC Breaks Below Key Level

Last Updated July 23rd 2021
2 Min Read

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.

ltc/usd daily chart 020121

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.

ltc/usd volume chart 020121

Image: IntoTheBlock

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.

ltc/usd 4-hour chart 020121

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.

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