Litecoin Price Analysis: LTC Has Found Support At the 20-day SMA
Daily Litecoin LTC Price Forecast
- Litecoin Price Faces Immediate Resistance At $205.
- The MACD was about to reverse from bullish to bearish.
The Litecoin price dipped from $225 to $200 on March 14 and 15. However, the buyers then managed to step back into the market. However, they have a very still resistance upfront. Let’s take a closer look with technical analysis.
Litecoin Price Faces Strong Resistance At $205
On March 16, the Litecoin price reached an intra-day low of $190 and has encountered support at the 20-day SMA. The MACD was about to reverse the market momentum from bullish to bearish, but it seems like the buyers have stopped this reversal. However, upfront, Litecoin faces strong resistance at $205.
Image: LTC/USD daily
As per the IOMAP, previously, 85,000 addresses had purchased 2.5 million LTC tokens at this level. On the downside, there is robust support at the 20-day SMA ($187) wherein 108,000 addresses had purchased nearly 2.6 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
If Litecoin price is going to break above the $205 it will reach $230.