Litecoin Price Analysis: LTC Trends In An Upward Channel Formation
Daily Litecoin LTC Price Forecast
- 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.
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.