Litecoin Price Analysis: LTC Bulls Roar Back

Daily Litecoin LTC Price Forecast

Last Updated August 10th 2021
1 Min Read
  • Litecoin price aims to break past the $170 psychological level.
  • TD sequential detector tells us that LTC will rise for four more sessions.

On July 21, the Litecoin price flashed a buy signal in the form of a red-nine candlestick and then jumped from $107 to $155 on August 7. During this jump, LTC managed to flip the 20-day and 50-day SMAs from resistance to support. This rise pushed the relative strength index (RSI) to the overbought zone, which incited a bearish correction on August 8 wherein Litecoin dropped to the $150 support line. However, the buyers retook control the following day.

Litecoin Price Faces Resistance At $180

This Monday, the buyers took full control of the market as the Litecoin price jumped from $150 to $170. As per the TD sequential detector, LTC can jump for four more sessions before flashing the bearish green-nine candlestick. The relative strength index (RSI) indicates that a further rise will make LTC overpriced and incite a bearish correction.

Image: LTC/USD daily

LTC/USD daily chart 081021

Looking at Into The Block’s IOMAP, the Litecoin price has strong resistance at $180. As per the IOMAP, nearly 73,000 addresses had purchased almost 3.5 million LTC tokens here.

Image: IntoTheBlock

LTC/USD volume chart 081021

Litecoin Price Is Expected To Reach These Levels

If the Litecoin price takes down the $180 resistance barrier, it should reach the 200-day SMA ($190). However, doing so will push the relative strength index (RSI) into the overbought zone, which should trigger a bearish correction.

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