Litecoin Technical Analysis: LTC Has Had Nine Straight Bearish Sessions
Daily Litecoin LTC Price Analysis
- The Litecoin price has had nine straight bearish sessions.
- LTC has crucial support at around $105.
The Litecoin price had nine bearish sessions between July 12 and July 20, during which LTC fell from $134 to $108, after encountering resistance at the 20-day SMA. Before this, LTC was hovering horizontally between $130 and $135 between July 8 and July 12.
Litecoin Price Flips Parabolic SAR To Negative
Over the last three days, the Litecoin price flipped the parabolic SAR from positive to negative. At the same time, the MACD indicates increasing bearish market momentum. Both these indicators tell us that LTC could drop some more.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price must not break below the crucial support at $105. As per the IOMAP, nearly 7,350 addresses had purchased almost 235,000 LTC tokens here.
Litecoin Price Is Expected To Reach These Levels
If the $105 support line doesn’t stay strong, the Litecoin price will drop to the $100 psychological level.