Litecoin Price Analysis: LTC Drops After Failing To Cross 20-day SMA
Daily Litecoin LTC Price Forecast
- Litecoin price faced bearish correction after five straight bullish days.
- The MACD indicates sustained bullish market momentum.
After failing to cross the 200-day SMA around June 15, the bears took full control of the Litecoin price and dropped from $180 to $120 till June 22. During this drop, LTC managed to flip the 20-day SMA from support to resistance. After this, the bulls took control of Litecoin.
Litecoin Price Drops After Touching Crucial Level
From June 23 to June 30, the buyers pushed the Litecoin price up from $120 to $145, with seven green sessions out of a possible eight. However, the 20-day SMA has stayed strong and played spoilsport. LTC has since dropped to $136. Despite this correction, the MACD still shows that the overall market momentum is positive.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has crucial support at $135. Previously, at this level, 85,500 addresses had purchased over 1.30 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
The buyers will need to do all that they can do to protect the $135 support wall. If Litecoin price breaks below this, it will drop to the $120 psychological level.