Litecoin Price Analysis: LTC Flashes Multiple Sell Signals

Last Updated July 23rd 2021
1 Min Read

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:

  1. The MACD shows increasing bearish market momentum.
  2. The parabolic SAR has reversed from bullish to bearish.
  3. The 20-day and 50-day SMAs were flipped from support to resistance.

ltc/usd daily chart 032321

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.

ltc/usd volume chart 032321

Image: IntoTheBlock

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.