Litecoin Price Prediction: LTC Falls After Meeting Stiff Resistance At 20-day SMA
Daily Litecoin LTC Technical Analysis
- Litecoin price crashed from $310 to $225 between April 17 and April 25.
- LTC falls after failing at two critical levels.
Between April 17 and April 25, the Litecoin price dropped from $310 to $225, losing almost $85 in its overall valuation. During this downward plunge, LTC managed to break below the 20-day SMA. The buyers eventually bounced up from 50-day SMA as LTC went from $224 to $260.
Litecoin Price Drops Back Below 20-day SMA
This Wednesday, the Litecoin price crept a bit above the 20-day SMA, but the bears took back control today and pushed it back below this level. As things stand, LTC is trending between the 20-day SMA and a strong support wall at $248. The MACD shows decreasing bearish momentum.
Image: LTC/USD daily
The next viable level of resistance for Litecoin price is at the 20-day SMA ($260). Previously, at this level, >58,000 addresses had purchased a little over 2.15 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
Litecoin price will continue struggling to cross the 20-day SMA ($255). However, if it does, LTC will jump to the $265 resistance barrier.