Litecoin Price Analysis: LTC Holders Sell-Off After Touching All-Time High
Daily Litecoin LTC Price Forecast
- Litecoin price reached a new all-time high of $413 earlier today.
- LTC has dropped back into the Bollinger Band.
The Litecoin price bounced up from the 50-day SMA on April 26 and went from $225 to $388 on May 9 – breaking past the $350 psychological level. Following this, the digital silver reached its all-time high level of $413.
Litecoin Price Retreats From ATH
After reaching its all-time high level, it seems like the holders started selling off their tokens to pocket their profits. This correction was bound to happen due to two reasons – firstly LTC was trending above the Bollinger Band and secondly, the RSI was hovering in the overbought zone. As things stand, the digital silver has dropped back into the Band.
Image: LTC/USD daily
Looking at the IOMAP, the $360 support wall is pretty solid. Around 50,000 addresses had purchased a little more than 1.6 million LTC tokens here. If the Litecoin price falls, this level will eat up a lot of selling pressure.
Litecoin Price Is Expected To Reach These Levels
As of now, the Litecoin price is dropping towards the $360 support wall. A further break will take LTC to the $345 psychological level. As things stand, these two support barriers are sturdy enough to absorb a lot of selling pressure.