- Litecoin price has had three straight bearish sessions.
- LTC has two strong resistance barriers on the upside – 20-day and 200-day SMAs.
The Litecoin price met major resistance at the 20-day SMA and dropped from $192.50 to $160 between June 4 and June 8. Prior to this crash, LTC has been trending horizontally between $200 and $165 between May 25 and June 4.
Litecoin Price Filps 20-day SMA
Over the last three days, the sellers took full control of the market and dropped Litecoin price from $180 to $164.25, flipping the 20-day SMA from support to resistance. LTC is dropping towards the $160 support wall, and MACD shows decreasing bullish momentum.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has immediate resistance at the 20-day SMA ($175). Previously, at this level, 200,000 addresses had purchased almost 4.15 million LTC tokens.
Litecoin Price On-Chain Analysis – Glassnode
"$LTC Coin Days Destroyed (7d MA) just reached a 11-month low of 527,825.059. Previous 11-month low of 554,631.455 was observed on 07 June 2021."
GSA Auctions adds Litecoin
The federal auctioning site General Services Administration Auctions will auction off another lot of Bitcoin and, for the first time, Litecoin. According to a release from GSA Auctions and available lots, 150.2 Litecoin, 8.925 Bitcoin, and 0.000229 Bitcoin Cash will be auctioned off on the GSA website.
The Litecoin and Bitcoin Cash will be auctioned in one lot in addition to 10 lots of Bitcoin ranging from 2 BTC to 0.025 BTC. The auction begins today at 5 PM ET and closes on June 22 at 5 PM ET. However, additional bidding may extend the auction’s close time.
Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service, said:
Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community. With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.
GSA Auctions held its first Bitcoin auction in early March, followed by two more in late March and late April. In total, GSA Auctions auctioned off 16.99 BTC and amassed $937,000 in winning bids, according to the release.
While the winning bidder of the first GSA Auctions Bitcoin auction paid a $9,000 premium for their Bitcoin, its recent auctions mostly sold BTC below market value.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely drop towards the $160 support wall. A further break will take LTC to the $140 support line.