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.

Image: IntoTheBlock

The 4-hour Litecoin price chart has flashed the following negative signals:

1. The 20-day and 50-day SMAs have flipped from support to resistance.
2. 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.