Litecoin Price Analysis: LTC Sits On Top of 20-day SMA

Daily Litecoin LTC Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Litecoin price is currently stuck between 20-day and 200-day SMAs.
  • The MACD shows increasing bullish market momentum.
  • On June 4, the Litecoin price met resistance at the 20-day SMA and dropped from $192.50 to $160 till June 8, losing almost $30 in its overall valuation. Between May 25 and June 4, the Litecoin price has been trending horizontally between $200 and $165.

    Litecoin Price Filps 20-day SMA

    This Monday, the Litecoin price successfully flipped the 20-day SMA from resistance to support. As things stand, LTC is stuck between 20-day and 200-day SMAs. The Bollinger bands have started squeezing to show decreasing volatility.

    Image: LTC/USD daily

    LTC/USD daily chart 061621

    Looking at Into The Block’s IOMAP, the Litecoin price has strong support at the 20-day SMA ($175). Previously, at this level, 165,000 addresses had purchased almost 3.85 million LTC tokens.

    Image: IntoTheBlock

    LTC/USD volume chart 061621

    Litecoin Price On-Chain Analysis – Glassnode

    LTC/USD glassnode chart 061621

    "$LTC Number of Sending Addresses (7d MA) just reached a 3-month low of 6,835.679."

    Litecoin Gets Verified Blue Tick Badge

    Twitter recently verified Litecoin with a blue tick badge on their account. The Litecoin team celebrated this by tweeting: 

    Thanks @Twitter for #bluetick goes nice with our style.

    The move represents the acceptance of cryptocurrencies like LTC by the mainstream. With verification, the altcoin has gained legitimacy on social media that not many cryptocurrencies today have achieved. Verification from a social media giant like Twitter also gets investors excited for the future of Litecoin as it tries to push towards bullish trends. 

    There are several reasons why cryptocurrencies need verification. Verification ensures that scammers cannot take advantage of unsuspecting followers and reach out on fake accounts with unsubstantiated offers. It also ensures followers that they can be confident in the tweets and information they get from the now official Litecoin Twitter account.

    Twitter recently overhauled its verification process, making it clearer how individuals and organizations get verified. Twitter only wants to verify accounts of high public interest and make sure a verified user contributes to the site in a healthy way. It said:

    Twitter will require a check of the user’s identity before verification and users will be given several options to prove they are who they say they are. That includes linking to an official website referencing a user’s identity or the organization they’re affiliated with and their Twitter account.

    Litecoin Price Is Expected To Reach These Levels

    The Litecoin price is currently sitting on top of the 20-day SMA. The buyers will want to push LTC a little further to the $200 psychological level.

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