Litecoin Price Analysis: LTC Flashes Bearish Cross With 200-day and 20-day SMAs
Daily Litecoin LTC Price Forecast
- Litecoin price has strong resistance at $180.
- The RSI is trending along the edge of the oversold zone.
Since May 25, the Litecoin price has been trending in a $35 channel between the $165 and $200 psychological levels. Prior to this, LTC had crashed by 65% as it dropped from $388 to $140 between May 10 and May 23. Let’s take a closer look with technical analysis.
Litecoin Price Flashes Bearish Cross
Looking at the Litecoin price daily chart, the 200-day SMA has crossed above the 20-day SMA and has formed the bearish cross. This confluence is at $180, which provides considerable resistance. Over the last four days, LTC has failed at the 20-day SMA and has crashed from $192.50 to $165.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces immediate resistance at the confluence of the 20-dat and 200-day SMAs ($182). Previously, at this level, 181,500 addresses had purchased almost 5.44 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price daily chart, the buyers need to break above the 20-day SMA and 50-day SMA to prevent the current downtrend and conquer the $200 psychological level.