Litecoin Price Analysis: LTC Flashes Multiple Sell Signals
Daily Litecoin LTC Price Forecast
- Litecoin price broke below the 20-day and 50-day SMAs.
- The MACD shows increasing bearish momentum.
On March 14, the Litecoin price reached a peak of $226. However, the bulls soon ran out of steam and got run over by the bears. Since this peak, the price dropped to $186 at the time of writing. Let’s take a closer look with technical analysis.
Litecoin Price Finds Support At $185
The Litecoin price flashed three separate sell signals in the daily chart:
- The MACD shows increasing bearish market momentum.
- The parabolic SAR has reversed from bullish to bearish.
- The 20-day and 50-day SMAs were flipped from support to resistance.
Image: LTC/USD daily
As per the IOMAP, there is a healthy support wall at $185. Previously, at this level, 76,000 addresses had purchased a little below 2.45 LTC tokens. This level was robust enough to absorb buying pressure and jump up.
Huge Whale Transaction
ClankApp, a crypto whales tracker, noted that a little less than 74,000 LTC (~$13.75 million) had moved from multiple addresses to an unknown wallet. This could lead to a massive sell-off.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will aim for the $205 resistance barrier once again.