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Litecoin Price Prediction: LTC Bears Wrest Control From The Buyers

Daily Litecoin LTC Technical Analysis

1 Min Read
Last Updated April 8th 2021
  • 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

ltc/usd daily chart 040821

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.

Image: IntoTheBlock

ltc/usd volume chart 040821

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.

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