Litecoin Price Prediction: LTC Has One Strong Support Line Preventing Drop To $100
Daily Litecoin LTC Technical Analysis
- Litecoin price volatility has been on the rise
- The crucial support wall lies at $103.
Litecoin price crashed from $180 to $157 between June 15 and June 20, flipping the 20-day SMA from support to resistance. On June 21, LTC crashed to $125, dropping below the Bollinger Band in the process and becoming oversold.
Litecoin Price Drops Down Further
The Litecoin price has dropped a bit more to $122 this Tuesday. The Bollinger Band has started expanding which indicates increased volatility. Plus, the MACD shows increasing bearish market momentum. Both these indicate that Litecoin may drop some more.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has a crucial support wall at $103 which could potential prevent a drop below $100. Previously, at this level, 12,000 addresses had purchased almost 1.17 million LTC tokens.
US Government’s Auction of Seized Litecoin Has Recently Ended
The US government’s recent cryptocurrency auction announced by the General Services Administration (GSA) closed at 17:00 Eastern Time (or 21:00 UTC) on June 21. The GSA is “an independent agency of the United States government established in 1949 to help manage and support the basic functioning of federal agencies.”
GSA supplies products and communications for United States government offices provides transportation and office space to federal employees and develops government-wide cost-minimizing policies and other management tasks.
GSA Auctions is “the federal government’s online clearinghouse for surplus federally owned assets and equipment, such as office furniture, vehicles, scientific equipment and collectibles.” According to the GSA’s press release, the recent crypto sale made available to bidding “11 lots of cryptocurrency, totaling 8.93 bitcoins and 150.2 litecoins and with a combined market value of nearly $377,000.”
This was the first time that Litecoin was available on GSA Auctions. 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.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely drop below the $103 support wall. A further crash will take LTC below the $100 psychological level.