Litecoin Price Prediction: LTC Sits On Top Of Strong Support Level

Last Updated July 23rd 2021
1 Min Read

Daily Litecoin LTC Technical Analysis
  • Litecoin price going through a bearish correction following a hugely bullish Wednesday.
  • MACD in the 4-hour LTC chart has reversed from bullish to bearish.

Litecoin price jumped from $208 to $238, gaining around $30 in its overall valuation. Following that, LTC has retracted to $226. Now let’s take a closer look with technical analysis.

 

Litecoin Price Retracts From $240

Between February 1 to February 17, the Litecoin price rose from $130 to $238, rising by more than $100. As of now, LTC has retracted to $226.

ltc/usd daily chart 021921

Image: LTC/USD daily

The Litecoin price is sitting on top of two healthy support levels at $215 and $220. Previously at the $220, 92,600 addresses had purchased 2.4M LTC tokens. These two levels are robust enough to absorb a lot of selling pressure.

ltc/usd volume chart 021921

Image: IntoTheBlock

Looking at the 4-hour Litecoin price chart, we can see that the MACD has reversed from bullish to bearish which adds further credence to our negative outlook.

ltc/usd daily chart 021921

Image: LTC/USD daily

 

Litecoin Price Is Expected To Reach These Levels

The Litecoin price will likely dip to the $220 support wall.

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