Litecoin Price Analysis: LTC Reverses Parabolic SAR From Negative to Positive
Daily Litecoin LTC Price Forecast
- Litecoin price has seven straight bullish sessions.
- MACD indicates increasing bullish market momentum.
The Litecoin price jumped from $127 to $140 this Monday, however, the 50-day SMA has forced LTC to drop down to around $133. Prior to this, LTC had crashed from $134 to $107 between July 12 and July 20. Let’s take a closer look at what happened next.
Litecoin Price Faces Resistance At 50-day SMA
Between July 21 and July 27, the Litecoin price had seven straight bullish sessions which saw LTC jump from $107 to $133. On the upside, the 50-day SMA is blocking a further upward movement for now. Due to this recent jump, LTC managed to:
- Flip the 20-day SMA from resistance to support.
- Reverse the MACD from red to green.
- Flip the parabolic SAR from negative to positive.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces strong resistance at the 50-day SMA ($140). As per the IOMAP, nearly 75,000 addresses had purchased almost 1 million LTC tokens here.
Litecoin Price Is Expected To Reach These Levels
If the Litecoin price breaks above the 50-day SMA ($140), it should reach the $150 psychological level. A further boost will take LTC to the $190 level, aka the 200-day SMA.