Litecoin Price Analysis: LTC Keeps Getting Rejected At $115 Resistance Level
Daily Litecoin LTC Price Forecast
- Litecoin has one healthy support on the downside at the 20-day SMA.
- The MACD shows decreasing bullish market momentum.
Following a valiant fightback by the bulls, the bears have managed to regain control of the market. The $115 psychological barrier has proved itself to be a difficult level to overcome for the buyers.
LTC Reels Under Decreasing Market Momentum
After finding support at the 20-day SMA, Bitcoin Cash has bounced up from $81.50 on December 16 to $120 on December 19. However, the sellers have crumbled under selling pressure and dropped back to the 20-day SMA.
Image: LTC/USD daily chart
As of now, the digital silver is trending between strong resistance and support levels. However, if the buyers somehow manage to break past the $115 resistance, they will have a clear path to $130.
Looking at the 20-day SMA support, previously 40,000 addresses had purchased 3.56 million LTC tokens at this price level. This level needs to hold firm to prevent a catastrophic fall. However, it’s not all doom and gloom.
Looking at the number of new addresses entering the ecosystem every day, we can see a spike from 52.85 k to 61k over the last 24 hours. This is a positive sign as it shows that the network is still growing.
Key Price Levels To Watch For LTC
The buyers must gain enough momentum to break past the $115 resistance barrier. On the other hand, the sellers will need to negotiate with the 20-day SMA to continue the downtrend.