Litecoin Price Prediction: LTC Drops Below $200
Daily Litecoin LTC Technical Analysis
- The downside for the Litecoin price is protected by the 50-day SMA.
- The MACD shows increasing bearish momentum.
From February 1 to February 17, the Litecoin price jumped from $130 to $240, nearly doubling itself in valuation. Following that, LTC had been trending horizontally around $230. However, the bears have since taken full control of the market.
Litecoin Price Flips The 20-day SMA From Support To Resistance.
Over the last two days, the Litecoin price has dropped from $227 to $178, nearly losing $50 in its overall valuation and flipping the 20-day SMA from support to resistance. The downside is closely guarded by the 50-day SMA which has ensured that LTC doesn’t drop anymore.
Image: LTC/USD daily
There are several healthy support levels on the downside, the strongest one being at $175, wherein 48,000 addresses had purchased a little over 1 million LTC tokens.
The 4-hour Litecoin price chart has flashed the following negative signals:
- The 20-day and 50-day SMAs have flipped from support to resistance.
- The MACD shows increasing bearish market momentum.
However, do note that LTC had managed to regain the 20-day SMA from resistance to support.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
Litecoin price has several strong support levels on the downside. As such, a catastrophic drop isn’t expected for LTC.