Litecoin Technical Analysis: LTC Crashes After Touching $300, Down By $40
Daily Litecoin LTC Price Analysis
- Between April 13 and April 16, the Litecoin price jumped from $245 to $310.
- The parabolic SAR has flipped from bullish to bearish.
Between April 13 and April 16, the Litecoin price jumped from $245 to $310, going up by more than $50. During this upward surge, LTC trended in parallel channel formation and flipped the 20-day and 50-day SMAs from resistance to support.
$300 Line Prevents Litecoin Price Surge
Now, when you look at the daily Litecoin price chart, we see that over the last two days, LTC has dropped from $310 to $260, losing $50 in the process. However, despite this drop in price, LTC is still trapped inside the upward channel formation. The MACD shows that market momentum is still positive.
Image: LTC/USD daily
When we look at the IOMAP, the strongest support wall is at the $250 psychological level, It looks like 60,000 addresses had purchased 1 million LTC tokens at this line.
Litecoin Price Is Expected To Reach These Levels
Despite the drop, the Litecoin price is still trending in an upward parallel channel, so a jump back to $285 may be on the cards.