Litecoin Price Analysis: LTC Breaks Above The 20-day SMA

Last Updated July 23rd 2021
2 Min Read

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.

ltc/usd daily chart 011921

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.

ltc/usd volume chart 011921

Image: IntoTheBlock

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.

ltc/usd 4-hour chart 011921

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.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.