Litecoin Price Analysis: LTC Drops Back Below The 20-day SMA

Daily Litecoin LTC Price Forecast

Last Updated July 23rd 2021
1 Min Read
  • 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

    LTC/USD daily chart 070721

    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.

    Image: IntoTheBlock

    LTC/USD volume chart 070721

    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.

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