Litecoin Price Prediction: LTC Breaks Below The $155 and $150 Levels
Daily Litecoin LTC Technical Analysis
- The parabolic SAR has reversed from bullish to bearish in the 4-hour Bitcoin price chart.
- The LTC is sitting on top of a bunch of healthy support levels.
The Litecoin price has jumped from $122 to $155 prior to today, flipping the 20-day and 50-day SMAs from resistance to support. However, bears have since taken over LTC, breaking the price below the $150 level.
Litecoin Price Drops Below Key Levels
Having fallen below the $150 psychological level, the Bitcoin Cash price is going towards the $145 support level. The 50-day SMA seems to be on the verge of crossing over the 20-day SMA to form a bearish cross pattern. All these indicators suggest that BCH may be due for a further drop.
Image: LTC/USD daily
Thankfully, IntoTheBlock’s IOMAP tells us that the Bitcoin Cash price is sitting on top of two healthy support levels – $145 and $140. At $145, 31,600 addresses had previously purchased 2.3 million LTC tokens. $140 sees the confluence of 20-day and 50-day SMAs, and 92,500 addresses had previously bought 2.6 million LTC here.
Seeing the 4-hour Litecoin price chart, we can see that three very negative signs for LTC:
- The 20-bar SMA has been flipped from support to resistance.
- The MACD shows increasing bearish market momentum.
- The parabolic SAR has reversed from bullish to bearish.
Image: LTC/USD 4-hour
All these signals show that the Litecoin price will likely go through a period of bearish correction.
Litecoin Price Is Expected To Reach These Levels
Litecoin price will likely drop to the $145 support line, however, this level seems robust enough to absorb a lot of selling pressure.