Litecoin Price Analysis: LTC Meets Solid Resistance At The 20-day SMA
Daily Litecoin LTC Price Forecast
- The Litecoin price rose from $165 to $185 between March 1 and March 3.
- The 4-hour LTC chart is about to flash a negative signal.
From February 20 to February 28, the Litecoin price dropped from $235 to $165, losing almost $70 in overall valuation. Since then, LTC has bounced up from the 50-day SMA and went up to $185 on March 3.
Is Litecoin Price Sentiment Shifting From Bullish To Bearish?
As things stand, the Litecoin price has met resistance at the 20-day SMA ($200). It looks like a lot of people are selling as soon as LTC hits $200, which is causing this break in upward momentum.
Image: LTC/USD daily
It seems like previously when the Litecoin price was trending around $200, 36,400 addresses had purchased 549,000 LTC tokens. This level may not look that strong, but for now it has managed to push the price down. On the downside, the two most formidable support walls are at $185 and $175.
The MACD in the 4-hour Litecoin price chart shows that the market momentum is about to reverse from bullish to bearish. The parabolic SAR also shows that market sentiment is negative.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
As of now, the Litecoin price is going to trend horizontally until it manages to close a candlestick above the 20-day SMA.