Litecoin Price Prediction: 50-day SMA Protects LTC’s Downside

Daily Litecoin LTC Technical Analysis

Last Updated July 23rd 2021
1 Min Read
  • 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

    TC/USD daily chart 052021

    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.

    Image: IntoTheBlock

    LTC/USD volume chart 052021

    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.

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