Litecoin Price Analysis: LTC Bulls Roar Back
Daily Litecoin LTC Price Forecast
- 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
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.
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.