Litecoin Price Analysis: LTC Sits On Top Of The 20-day SMA Support

Daily Litecoin LTC Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Litecoin price volatility is decreasing, as is evident by the Bollinger Band.
  • The MACD shows increasing bearish market momentum.
  • Between April 26 and May 9, the Litecoin price bounced up from the 50-day SMA and jumped up from $225 to $388. However, LTC has since encountered resistance at the upper Bollinger Band and crashed to $315 over the next five days. Let’s take a closer look with technical analysis.

    Litecoin Price Volatility Decreasing

    Following the recent Litecoin price plunge, the Bollinger Band has started narrowing which shows decreasing volatility, As things stand, LTC sitting on top of the 20-day SMA, The MACD shows increasing bearish momentum so further downtrend is in the cards.

    Image: LTC/USD daily

    LTC/USD daily chart 051421

    Looking at the IOMAP, the buyers have a healthy support at the 20-day SMA ($307). Previously, at this level, almost 88,0000 addresses had purchased ~2.35 million LTC tokens. 

    Image: IntoTheBlock

    LTC/USD volume chart 051421

    Prominent Analyst Is Bullish On These Three COins

    Popular crypto trader Kaleo recently said that he has high expectations for Litecoin (LTC), Binance Coin (BNB), and EOS. Kaleo took to Twitter to share a chart indicating a massive price target for Litecoin at $2,000. 

    Litecoin Price Target

    Source: Twitter

    As for Binance Coin (BNB), Kaleo said that he sees the red-hot exchange token going on an explosive rally to the $1,000 level after it takes out a resistance of $680.

    When $680 breaks and BNB enters price discovery, I expect price appreciation to accelerate rapidly.

    Kaleo has also got his eye on EOS. The trader compared the price action of EOS to that of Ethereum Classic (ETC) and says that the two have a striking similarity. From his point of view, EOS looks exactly like Ethereum Classic just before ETC rocketed skyward.

    After ETC started to breakout, it accumulated beneath its previous ATH prior to shooting straight past it. The structure of the EOS chart looks extremely similar. I don’t expect it to stop in the low $20s when it moves out of its current range.

    EOS ETC Comparison

    Source: Twitter

    Following EOS’s retest of support after the initial breakout, Kaleo said that he stacked more as he sees more upside potential.

    Added some EOS here. I see it as only a matter of time before it reclaims the highs set several weeks ago. Once $9.00 is breached, it should have a relatively clear path back to the old ATH of $23.00.

    Litecoin Price Is Expected To Reach These Levels

    As of now, the Litecoin price will need to overcome the $350 resistance barrier. However, It seems like a big ask for LTC to jump by $37 to actually hit this level.

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