Litecoin Price Analysis: LTC Struggles To Close Candle Above 20-day And 50-day SMAs
Daily Litecoin LTC Price Forecast
- Litecoin price has been under bullish control for five straight days.
- MACD shows that market momentum is about to flip from bearish to bullish.
The bulls have been in constant control of the Litecoin price. During this 5-day surge, LTC rose from $170 to $196, gaining almost $26 in its overall valuation. Let’s take a closer look with tech technical analysis.
Litecoin Price Stopped On Its Track By The Two SMAs
Following the $25 surge in Litecoin price, the buyers have found heavy resistance near the $200 psychological level. Looking at the daily chart, we can see that the confluence of the 20-day and 50-day SMAs have stopped this upward surge.
Image: LTC/USD daily
As per the IOMAP, around 106,000 addresses have entered the market here by buying 2 million LTC tokens. If the buyers conquer this zone, Litecoin price will rise till $225,
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will attempt to cross the $200 psychological zone.