Litecoin Technical Analysis: LTC Hovers Around The $200 Level

Last Updated July 23rd 2021
2 Min Read

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.

ltc/usd daily chart 031621

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.

ltc/usd volume chart 031621

Image: IntoTheBlock

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.

ltc/usd 4-hour chart 031621

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.

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