Litecoin Price Analysis: LTC Upward Surge Stopped By The 200-day SMA
Daily Litecoin LTC Price Forecast
- Litecoin price has a strong support wall at $170.
- LTC crashed by ~65% from May 10 to May 23.
Litecoin price crashed by ~65% as it lost close to $250 in valuation having dropped from $388 to $140 between May 10 and May 23. During this crash, the digital silver managed to flip the 20-day, 50-day , and 200-day SMAs from support to resistance. Following this slump, the buyers tried to reverse but lost steam as soon as it neared the parabolic SAR.
Litecoin Price Faces Resistance At The 200-day SMA
The Litecoin price jumped from $140 to $194 between May 24 and May 26 gaining over $50 in its overall valuation. During this jump, LTC managed to flip the 200-day SMA from resistance to support. However, the $195 resistance barrier has stopped this upward surge and pushed LTC down to $182.50. As things stand, LTC faces heavy resistance at the 200-day SMA. The market momentum is still negative as seen in the MACD.
Image: LTC/USD daily
Litecoin price has a robust support wall at the $170 As per the IOMAP, 117,000 addresses had purchased almost 2.85 million LTC tokens at this level.
XRP Ledger powered GateHub adds support for Litecoin (LTC)
GateHub, a platform for blockchain assets operating on the distributed Ripple payment protocol, recently announced it has added support for Litecoin and will list LTC starting on June 2nd, 2021. The platform will support LTC for deposits, withdrawals, and trading on its XRPL-powered exchange. LTC is also available for trading with fiat support (USD, EUR) and cryptocurrencies in addition to other XRPL IOU.
LTC holders will be able to generate a deposit address that will direct funds to their wallets. Sending LTC is done through GateHub-owned wallets. Notably, the XRPL supports any-to-any exchange. Users will be able to swap LTC with any GateHub-supported currency on the XRPL via GateHub’s trading app.
Litecoin is a popular open-source software project and an early Bitcoin spinoff started in 2011 by Charle Lee. It employs proof-of-work like Bitcoin but has a decreased block time generation (2.5 minutes), increased maximum supply (84M), and uses a different hashing algorithm (scrypt instead of SHA-256).
Initially, Litecoin used addresses starting with “L." Then, following the implementation of SegWit, the new address format started with a “3” which was confusing as Bitcoin also uses 3-addresses after SegWit. Litecoin adjusted and currently, Litecoin SegWit addresses start with “M”.
Users will use M-addresses for deposits while withdrawals to L and M-addresses will be supported.
Litecoin Price Is Expected To Reach These Levels
If the buyers break Litecoin price above the 200-day SMA, it will reach the $200 psychological level. Upon doing that, LTC will reverse the parabolic SAR from negative to positive.