Litecoin Technical Analysis: LTC Flips Key Level From Support To Resistance
Daily Litecoin LTC Price Analysis
- The 20-day SMA has repeatedly rejected the Litecoin price.
- The IOMAP shows a series of strong resistance barriers up top.
After a brief bullish run when Litecoin price jumped from $122.50 to $135 over two days, before the bears retook control for the next three days. As per the daily Litecoin price chart, LTC has repeatedly tried to break above the 20-day SMA but failed to do so.
Litecoin Price Has A Hattrick Of Bearish Days
Litecoin price has been under the influence of the bears over the last three days, during which it dropped from $135 to $129.50, flipping the 50-day SMA from support to resistance. As things stand, LTC is falling towards the $124 support barrier. The relative strength index (RSI) is hovering around 45, so there is still more space for the digital silver to drop.
Image: LTC/USD daily
The Litecoin price is currently sitting on top of a moderate-to-strong support wall at $124, wherein 51,000 addresses had purchased 1.8 million LTC tokens. On the upside, there are plenty of strong resistance barriers pushing the price down.
In the 4-hour Litecoin price chart, we can see that the hugely bearish candlestick managed to flip the 20-bar and 50-bar SMAs from support to resistance. The MACD shows that the market momentum has reversed from bullish to bearish. Plus, the Bollinger band has started narrowing again, which indicates decreasing price volatility.
Image: LTC/USD 4-hour
Litecoin Price is Expected To Reach These Levels
The Litecoin price is falling to the $124 support line. A further break will take LTC down to the $115 level, as seen in the IOMAP.