- Litecoin price is currently stuck below the 20-day SMA.
- LTC faces a crucial support wall at the $160
Since May 25, the Litecoin price has been trending horizontally between $195 and $155. On June 4, LTC encountered resistance at the 20-day SMA and has dropped from $193 to $166. During this drop, LTC flipped 200-day SMA from support to resistance.
The Buyers Attempt To Push Up Litecoin Price
On June 4, June 7, and June 10, the Litecoin price has been rejected thrice at the 20-day SMA. Previously, the 200-day SMA had crossed over the 20-day SMA to form the bearish cross. The relative strength index (RSI) tells us that LTC may drop some more before getting oversold. However, the TD sequential detector is on the verge of flashing a buy signal in the form of a red nine candlestick
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price is sitting on top of crucial support at the $160 psychological level. Previously, at this level, 78,000 addresses had purchased almost 1.86 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely drop to the $160 support wall. A further break will take LTC to $145.