Litecoin Price Prediction: LTC Intraday Low Capped Off At $190
Daily Litecoin LTC Technical Analysis
- Litecoin price has had three consecutive bearish days.
- The MACD shows that the market momentum is about to reverse from bullish to bearish.
After failing at the $225 resistance barrier, the Litecoin price has dropped to $200 following a hattrick of bearish days. Let’s take a closer look with technical analysis.
Litecoin Price Downward Movement Stalled By 20-day SMA
The Litecoin price reached an intraday low of $190, but the 20-day SMA has prevented any additional drops in valuation. However, do note that the market momentum in MACD had reversed from bullish to bearish, which could indicate a further drop in valuation.
Image: LTC/USD daily
Even if the Litecoin price retests and breaks below the 20-day SMA, it will drop to the 50-day SMA ($182). This support level is particularly strong because previously, 101,500 addresses had purchased 2.8 million LTC tokens.
In the 4-hour Litecoin price chart, the candlesticks had flipped the 50-bar and 20-bar SMAs from support to resistance levels. However, the bulls regained control and managed to regain the 20-bar SMA as a support wall.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price may drop and retest the 20-day SMA. A further drop will make it fall to the 50-day ($185) SMA, which is a pretty robust support wall.