Litecoin Price Prediction: LTC Stays On Track For The $300-mark
Daily Litecoin LTC Technical Analysis
- Litecoin price is trending in an upward channel formation.
- Formidable resistance lies around the $305 resistance barrier.
Since March 26, the Litecoin price jumped from $170 to $288, gaining more than $100 in overall valuation. During the surge, the Litecoin price was trending in an upward channel formation and flipped the 20-day and 50-day SMAs from resistance to support.
Litecoin Price Sentiment Is Still Pretty Positive
As of now the Litecoin price is looking to approach the $300 psychological level. The MACD shows increasing bullish market momentum as LTC looks to jump. The relative strength index is on the verge of entering the overbought zone so a slight bearish correction may be around the corner.
Image: LTC/USD daily
Looking at the IOMAP, we can see that the Litecoin price faces a considerable resistance barrier around $305. Previously, at this level, 25,000 addresses had purchased almost nearly 250,000 LTC tokens. However, apart from that, there is a lack of strong resistance up top.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely jump to the $300 psychological level before it gets overvalued and faces correction.