Litecoin Technical Analysis: LTC Hovers Around The $200 Level
Daily Litecoin LTC Price Analysis
- Litecoin price has dropped by $25 over the last two days.
- The 4-hour price chart has flashed the buy signal in the TD sequential detector.
The Litecoin price is hovering around the $200-mark since it dropped from the $225 level over the last two days. So, what’s the reason behind this ~$25 loss in overall valuation? Let’s take a closer look.
Are Litecoin Price Bulls Right Around The Corner?
From March 1 to March 13, the Litecoin price rose from $165 to $225, gaining almost $60 in overall valuation. However, LTC ran out of momentum as the bears eventually managed to take the price down to $200, As things stand, the buyers and sellers are looking to buy in or sell out in this zone.
Image: LTC/USD daily
On the downside, there is a healthy support wall at the 50-day SMA ($182). Previously, nearly 109,000 addresses had purchased a little over 3 million LTC tokens at this zone. This wall is robust enough to absorb a lot of selling pressure.
Despite this drastic drop in Litecoin price, there are two positive signs in the 4-hour chart:
- A further drop will take LTC’s relative strength index towards the oversold zone, which will make it underpriced, and invite the buyers.
- It has already flashed the buy signal in the form of the red-nine candlestick, which could welcome more bulls.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will drop to the 200-bar SMA in a 4-hour chart and bounce up.