Litecoin Price Prediction: 50-day SMA Protects LTC’s Downside
Daily Litecoin LTC Technical Analysis
- Litecoin price market sentiment is presently negative.
- The MACD shows increasing bearish market momentum.
Since May 10, the Litecoin price crashed from $388 to $242 – losing almost $150 in its overall valuation. During this crash, LTC managed to break below several key psychological levels such as the 20-day and 50-day SMAs.
Litecoin Price Negative Momentum On The Rise
The MACD shows increasing bearish market momentum. Plus, the Bollinger Band has started expanding to indicate that a further drop could be in the cards. However, breaking below the Bollinger Band will make LTC underpriced, which could usher in a new bullish rally.
Image: LTC/USD daily
Looking at the IOMAP, the Litecoin price has a robust support wall at $220. Previously, at this level, almost 39,000 addresses had purchased 4.82 million LTC tokens. It will take a lot of selling pressure to successfully break below this level.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely break towards the $220 support wall. If this line doesn’t hold strong, then LTC will definitely tumble towards the $200 psychological level.