Litecoin Price Prediction: LTC Dropping Sharply Towards The 50-day SMA
Daily Litecoin LTC Technical Analysis
- Litecoin price crept back into the Ichimoku cloud.
- Ichimoku indicator shows that market sentiment is still negative.
On July 31, the Litecoin price met resistance at the $145 line and has since dropped to $138, falling below the $140 psychological level. Previously, LTC dropped $134 to $107 between July 12 and July 20. Due to this drop, the market momentum flipped from positive to negative.
Litecoin Price Flashes Negative Signal
Before the current Litecoin price drop, LTC was going through a 10-day long bullish rally between July 21 and July 30. During this stretch, Litecoin had jumped from $107 to $145, flipping the 20-day and 50-day SMAs from resistance to support and reverse the MACD from red to green. Plus, LTC also managed to creep back into the red Ichimoku cloud. The red Ichimoku cloud shows bearish market sentiment.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has healthy support at the 50-day SMA ($135). As per the IOMAP, nearly 130,000 addresses had purchased almost 2 million LTC tokens here.
Litecoin Price Is Expected To Reach These Levels
Litecoin price has two healthy support walls at $130 and 50-day SMA ($135). These two lines are strong enough to prevent a further downtrend.