Litecoin Price Prediction: LTC Drops Towards The 200-day SMA
Daily Litecoin LTC Technical Analysis
- Litecoin price flipped the 200-day SMA from resistance to support this Monday.
- LTC crashed by ~65% from May 10 to May 23.
The Litecoin price crashed by ~$250 as it dropped from $388 to $140 between May 10 and May 23. During this crash, the digital silver managed to flip the 20-day, 50-day , and 200-day SMAs from support to resistance. Let’s take a closer look with technical analysis.
Litecoin Price Reverses 200-day SMA From Resistance To Support
Between May 24 and May 26, the Litecoin price jumped from $140 to $194, gaining over $50 in its overall valuation. During this jump, LTC managed to flip the 200-day SMA from resistance to support. However, the $195 resistance barrier has stopped this upward surge and pushed LTC down to $182.50.
Image: LTC/USD daily
Litecoin price has a robust support wall at the 200-day SMA. As per the IOMAP, >77,500 addresses had purchased almost 3.5 million LTC tokens at this level.
Litecoin Price Is Expected To Reach These Levels
Given the current market momentum, the Litecoin price is likely going to drop to the 200-day SMA. However, a break below that is unlikely.