Litecoin Price Analysis: LTC Buyers Held Down By $275 Resistance Barrier

Daily Litecoin LTC Price Forecast

Last Updated July 23rd 2021
3 Min Read
  • Litecoin price has a robust support wall on the downside at the 20-day SMA.
    • The MACD is on the verge of reversing from bullish to bearish.

    On April 26, the Litecoin price bounced up from the 50-day SMA and jumped from $225 to $275, gaining almost $50 in its overall valuation. During this upward surge, LTC managed to flip the 20-day SMA from resistance to support.

     

    Litecoin Price Sentiment Reversed From Negative to Positive

    Litecoin price faced a major resistance barrier at $275 and has since dropped down to $270. As things stand, LTC is sandwiched between the 275 resistance and the 20-day SMA. However, the parabolic SAR has reversed from negative to positive, while the MACD has flipped from bearish to bullish.

    Image: LTC/USD daily

    ltc/usd daily chart 050321

    Looking at the IOMAP, the $275 resistance barrier is pretty solid. Around 100,000 addresses had purchased a little more than 1.4 million LTC tokens here.

    Image: IntoTheBlock

    ltc/usd volume  chart 050321

    Komodo To Fight 51% Attacks With Litecoin Notarizations

    The team at Komodo (KMD) recently announced their plans to use the Litecoin blockchain for cross-chain notarizations. The move aims to protect small chains within the Komodo platform against 51% of attacks. Komodo has been using the Bitcoin network to perform cross-chain notarizations because the BTC blockchain has a proven track record of being secure, powerful, and decentralized.

    However, the Bitcoin network is becoming more expensive and stuffed as crypto adoption increases. As a result, the Komodo team decided to explore ways of a sustainable future with the Litecoin network. The Litecoin network is cost-effective with cross-chain notarizations on LTC, saving between 2.5 – 3 BTC per month. Such savings add up and open more opportunities to onboard new projects onto Komodo.

    Litecoin also has a lower carbon footprint than Bitcoin. LTC’s network has a high hash rate compared to other Proof-of-work blockchains and block times on Litecoin are four times faster than Bitcoin’s.

    According to the team at Komodo Platform, the switch to Litecoin will occur in June 2021, after Komodo’s fifth notary election. The election is to determine nodes on Komodo, who are tasked with securing the network.

    Notary Nodes are 64 dedicated servers that are elected annually by the Komodo community. They are responsible for running delayed Proof of Work (dPoW) — a security mechanism that recycles the hash rate of the Bitcoin network through a series of cross-chain notarizations. dPoW has successfully defended against real 51% attack attempts and currently secures over 30 production blockchains, protecting several hundred million dollars in value.

     

    Litecoin Price Is Expected To Reach These Levels

    The Litecoin price will probably be sandwiched between the 20-day SMA and $275 resistance barrier.

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