Litecoin Technical Analysis: LTC Drops Below $160 Psychological Level
Daily Litecoin LTC Price Analysis
- Litecoin price faced bearish market correction.
- The RSI tells us that LTC was on the verge of getting overbought.
This Tuesday, the Litecoin price dropped from $167 to $159, dropping below the $160 psychological level. The relative strength index (RSI) indicates that LTC is overpriced, so this correction was expected.
Litecoin Price Faces Correction After Bullish Surge
Since July 21, the Litecoin price jumped from $107 to $167 till August 9. During this rise, LTC managed to flip the 20-day and 50-day SMAs from resistance to support and reverse the MACD from red to green.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has healthy support at ~$157. As per the IOMAP, nearly 110,000 addresses had purchased almost 1.8 million LTC tokens here.
Litecoin Donation Work
Changeangel - a crypto to crypto, wallet to wallet, Non-custodial, #crypto Swap Exchange for Social Good - tweeted:
Thank you @LTCFoundation, for all you do for the #Litecoin community.
We have just sent you 4 awesome #Litecoin. Keep up the great work.
Thank you to the amazing #Litecoin community, who swap to #Litecoin at http://changeangel.io”
Litecoin Price Is Expected To Reach These Levels
The $160 support needs to stay strong to push the Litecoin price up higher. On the upside, LTC needs to take down the $180 resistance.