Litecoin Price Analysis: LTC Charts Death Cross

Daily Litecoin LTC Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Litecoin price buyers in control for three start sessions.
  • Immediate resistance lies at $140.
  • Between June 15 and June 22, the Litecoin price crashed by 20% as it went from $180 to $120 and reversed the parabolic SAR from positive to negative. Along with this, LTC flipped the 20-day SMA from support to resistance.

    Litecoin Price Flashes Sell Signal

    Since June 23, the Litecoin price has jumped from $120 to $138. Over the last three days, the buyers have been in full control of the market and reversed the MACD from bearish to bullish. However, do note that the 200-day SMA has crossed over the 50-day SMA to form the death cross, which is a major sell signal.

    Image: LTC/USD daily

    LTC/USD daily chart 062921

    Looking at Into The Block’s IOMAP, the Litecoin price faces immediate resistance at $140. Previously, at this level, 41,500 addresses had purchased over a million LTC tokens.

    Image: IntoTheBlock

    LTC/USD volume chart 062921

    Did The Litecoin Founder Miss The Boat On NFTs?

    Litecoin Foundation recently expressed that regardless of price, Litecoin will continue to have 100% uptime, be transparent, offer incredible speeds, be censorship-resistant and provide a store of value.

    Litecoin creator Charlie Lee appears to have unshakable confidence in LTC. However, he has had an unhappy attitude towards NFTs. Earlier, he had said: 

    “I see a lot of parallels between 2021’s NFTs with 2017’s ICOs and 2013’s altcoins: – easy to create new ones with no barriers – simple to understand & explain – brings tons of new people into crypto – high prices & pumps create hype/FOMO – few will hold & have value, most won’t. ...NFT is not the artwork. Creating the NFT is cheap. But know that if this is profitable, nothing stops me from flooding the market with other Chikun tokens or even an identical Powered Chikun token. So buyer beware.”

    Lee also previously pointed to how NFTs create artificial scarcity. Because of the near-zero cost to create another NFT, the market will eventually be flooded with NFTs from artists trying to cash in on this craze. Supply will overwhelm demand, and the prices will eventually crash.

    Unlike NFTs, real-world art is not zero cost. It takes effort and time to create a piece. This is effectively Proof of Work (PoW). A famous artist like Picasso can only create thousands of pieces of art in his lifetime. This limitation creates scarcity, which helps keep the value high.

    Litecoin Price Is Expected To Reach These Levels

    The buyers need to push the $140 resistance barrier and reach the $160 level. A drop will take LTC to the $130 support wall which is pretty robust.