Litecoin Technical Analysis: LTC Retreats After Flirting With The $160 Psychological level
Daily Litecoin LTC Price Analysis
- Litecoin price faces bearish correction after three straight bullish days.
- LTC faces strong resistance at $150.
Prior to today’s correction, the Litecoin price had three consecutive bullish days, wherein the price jumped from $130 to $156, flipped the 20-day and 50-day SMAs from resistance to support.
Litecoin Downflow Stopped At 20-day SMA
Litecoin price faced bearish correction today as it dipped to $146. However, the 20-day SMA has proven itself to be a strong support. The relative strength index (RSI) tells us that Litecoin price isn’t overpriced, nor is it underpriced right now.
Image: LTC/USD daily
The IOMAP tells us that the support at the 20-day SMA ($140) is particularly robust. Previously, at this level, 88,000 addresses had purchased 4 million LTC tokens. This barrier appears healthy enough to absorb a tremendous amount of selling pressure.
The 4-hour Litecoin price chart tells us that after dropping to the 20-bar SMA ($144), the buyers have attempted to buy back into the market. The latest bullish candlestick has flipped the 20-bar and 200-bar SMAs from resistance to support. The MACD shows increasing bearish momentum, so the overall sentiment could still be negative.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
We expect Litecoin price to drop to the $140 support line. However, the bears don’t have the intensity required to crash below this line.