Litecoin Price Analysis: LTC Drops Back Below The 20-day SMA
Daily Litecoin LTC Price Forecast
- Litecoin price indicates positive market momentum as per MACD.
- The price volatility in the daily chart is decreasing considerably.
The Litecoin price climbed from $120 to $145 between June 23 and June 30 and gained a formidable support level at $135. The 20-day SMA has managed to provide continuous resistance to LTC.
20-day SMA Fails To Keep Up Litecoin Price
The Litecoin price has been hovering horizontally around $140 since July 1. Over the last two days, LTC managed to break above the 20-day SMA after multiple rejections. However, the sellers have since flipped back 20-day SMA to resistance. Despite this, the MACD indicates sustained bullish momentum, while the Bollinger Bands show decreasing volatility.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces immediate resistance at the 20-day SMA ($140). As per the IOMAP, nearly 185,000 addresses had purchased almost 3 million LTC tokens here.
Litecoin Price Is Expected To Reach These Levels
The task remains the same for the buyers. Gain enough momentum to somehow take down the 20-day SMA. Failure to do so will see LTC drop to the $135 support.