Litecoin Technical Analysis: LTC Bears Flip Crucial Level From Support To Resistance
Daily Litecoin LTC Price Analysis
- Litecoin price managed to flip the 50-day SMA from support to resistance.
- The IOMAP shows a moderate support level at $115.
The bears have been in complete control of the Litecoin price over the last three days, wherein it dropped from $140 to $124. As things stand, a further drop is expected for LTC. Let’s do a technical analysis and identify some future targets for the price.
Litecoin Price Flips 50-day SMA From Support To Resistance
Over the last three days, the sellers have managed to flip two key levels from support to resistance – the $137 line and the 50-day SMA. This is a significant win for the sellers since these two levels have previously managed to act as healthy support.
Image: LTC/USD daily
With the Litecoin price on a steady downward trajectory, the next support line that it will encounter is $115. Previously, at this level, 29,000 addresses had purchased 997,000 LTC tokens.
According to the IOMAP, the $115-line isn’t particularly strong. Going by their current pace, the sellers should overcome this line and fall even further. The 4-hour chart gives further credence to our bearish outlook.
Image: LTC/USD 4-hour
Not only is the price charting a series of lower highs and lower lows, but the MACD is also indicating that the market momentum is becoming increasingly bearish.
Litecoin Price Is Expected To Reach These Levels
The bears are now going to aim for the $115 support. Since this level isn’t strong enough, they could take the Litecoin price down to the $100 psychological level. If the bulls do not fight back here, LTC could potentially plummet to the 200-day SMA ($75).