Litecoin Price Analysis: LTC Shoots Up By $30
Daily Litecoin LTC Price Forecast
- The Litecoin price bounced up from the 20-day SMA.
- The parabolic SAR has reversed from bullish to bearish.
- The MACD shows sustained bearish market momentum.
- The parabolic SAR shows that the prevailing mood in the market is on the negative side.
Between April 17 and April 21, the Litecoin price dropped from $310 to $255, dropping by more than $50. During this downward surge, the 20-day SMA has stepped up to provide robust support.
Litecoin Price Bulls Negate The Losses Of The Last Three Days
After five consecutive bearish days, the buyers stepped up to the plate and shot the Litecoin price up by $30 - going from $255 to $285. Despite a bullish Thursday, there are a couple of signals in the daily chart that shows negative sentiment:
Image: LTC/USD daily
Looking at the IOMAP, there is a moderate resistance barrier at $290, wherein 27,500 addresses had purchased 323,000 LTC tokens. This level shouldn’t provide a lot of resistance.
Litecoin Price Is Expected To Reach These Levels
If the Litecoin price breaks past the $290 resistance barrier, it will reach $300.