Litecoin Price Analysis: LTC Trends In An Upward Channel Formation

Daily Litecoin LTC Price Forecast

1 Min Read
Last Updated July 23rd 2021
  • Litecoin price is currently trending above $250.
  • The MACD shows increasing bullish market momentum.
  • The Litecoin price climbed up to $170 to $255, rising up by $85 as it trends in an upward channel formation. During the upward trend, LTC managed to flip the 20-day and 50-day SMAs from support to resistance as it conquered the $250 psychological level.

    Litecoin Price Fails To Conquer $255 Resistance Barrier

    After hitting the $255 resistance wall, the Litecoin price dropped to $250. The MACD shows increasing bullish market momentum so the buyers may attack the $255 resistance line again. However, a further rise may push the relative strength index (RSI) into the overbought zone and may welcome a further bearish correction.

    Image: LTC/USD daily

    Looking at IntoTheBlock’s IOMAP, there is a healthy support wall at $235. Previously, at this level, 50,000 addresses had purchased 2 million LTC tokens.

    Image: IntoTheBlock

    Litecoin Price Is Expected To Reach These Levels

    The buyers may pick up momentum and push Litecoin price above the $255 resistance line and take it to $275. However, this will make LTC overvalued and trigger a bearish correction.

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