Litecoin Price Analysis: LTC Breaks Above The 20-day SMA
Daily Litecoin LTC Price Forecast
- Litecoin price has climbed above the $155 price level.
- LTC has also broken above the Bollinger band in the 4-hour chart.
Bulls took control of the market this Monday as Litecoin price went up from $142 to $152. In the process, the price jumped above the 20-day SMA. Let’s take a closer look to see what’s happening behind the scenes with technical analysis.
Litecoin Price Jumps Above $155
The buyers have remained in control this Tuesday as they aim to push the litecoin price into the $160 psychological zone. Flipping the 20-day SMA from resistance to support has been a big win for the buyers. The buyers can use this level as their base of operations in launching an attack on the $160 and then the $170 psychological levels.
Image: LTC/USD daily chart
When we see IntoTheBlock’s “In/Out of the Money Around Price,” we can see that along with the 20-day SMA, there is another healthy support at $145, wherein 85,000 addresses had previously purchased 4.46 million LTC tokens.
The 4-hour price chart shows us that the Bollinger band has started expanding, meaning that the Litecoin price is no longer going through a period of extended low volatility. The price is currently hugging along the upper Bollinger band. The MACD shows increasing bullish momentum, so a further price increase is expected.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
With multiple technicals turning positive, Litecoin price will likely enter the $160 zone and then aim for the $170 zone. The relative strength index (RSI) in the daily chart shows that the Litecoin price still has plenty of room to grow before the asset becomes overpriced.