- Litecoin price crashed under heavy bearish pressure this Wednesday.
- LTC has a strong resistance level upfront at $230.
Between March 26 and April 6, the Litecoin price had jumped from $170 to $240 – gaining $70 in its overall valuation. During this upward surge, the XRP had managed to cross over the wedge formation and the 20-day and 50-day SMAs. Let’s take a closer look with technical analysis.
Litecoin Price Drops Hard On Wednesday
The Litecoin price had crashed from $235 to $225, as the bears regained the $230 line as a resistance barrier. The bears stepped into the market even before LTC could get overbought (as seen in the RSI).
Image: LTC/USD daily
The IOMAP shows us that the $230 line was a critical level for the bears to conquer, since it provides formidable resistance. Previously, 77,000 addresses had purchased 4.22 million LTC tokens at this level.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely end up falling to the $205 support line going by current momentum.