Litecoin Price Analysis: LTC Bulls Again Face Major Rejection At $190
Daily Litecoin LTC Price Forecast
- Litecoin price is on the verge of getting overvalued, as seen by the RSI.
- The MACD in the 4-hour chart has reversed from bearish to bullish.
Litecoin price has risen from $130 to $185 since February 1, flipping the 20-day and 50-day SMAs from resistance to support. As things stand, the buyers are aiming to reach the $200 psychological level.
Litecoin Price About To Get Overpriced
Having overcome the $175 and $180 resistance levels to support, the Litecoin price has faced heavy rejection at the $190 resistance barrier. However, do note that the relative strength index (RSI) is about to creep into the overbought zone, which could trigger a bearish correction.
Image: LTC/USD daily
The price is sitting on top of two robust support barriers at $175 and $180. The latter is particularly solid since 54,000 addresses had purchased 2.65 million LTC tokens. This level appears strong enough to absorb a humongous amount of selling pressure.
Looking at the 4-hour Litecoin price chart. We can see that the MACD has reversed from bearish to bullish, as LTC charges towards the $190 level. This is a pretty positive sign.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
We expect Litecoin price to make another charge towards the $190 resistance. If the bulls somehow manage to break past it, they should easily reach the $200 psychological level.