Daily Litecoin LTC Technical Analysis

• Litecoin price crossed above the $130 and $140 psychological levels over the last four days.

• LTC is presently stuck between several technical levels.

Litecoin price dumped from $150 to $129.50 after failing at the 20-day SMA. Since then, the bulls have been in complete control. The price has since crossed over the $130 and $140 psychological levels and is presently trending around $142.

 

Litecoin Price Aims For The $145 Resistance Level

As things stand, the Litecoin price is sandwiched between very strong levels. The price attempted to reach the 20-day SMA ($150) but again got rejected as the holders seem to have chosen this zone as a sell-off point.

Image: LTC/USD daily chart

Currently, the LTC price faces strong resistance at $140, where 57,500 addresses had previously purchased 2.73 million LTC tokens. Even if the buyers break past this level, they face strong resistance at the 20-day SMA, which has repeatedly managed to push Litecoin price down.

Image: IntoTheBlock

On the downside, Litecoin has a strong support barrier between $134 and $142.50. As per the IOMAP, 141,000 addresses had purchased a staggering 4.84 million Litecoin tokens. It will take an immense amount of selling pressure for the bears to even think of breaching below these levels.

Litecoin Addresses Decreasing

Despite the positive price action of the last four days, the number of new addresses joining Litecoin has decreased from 85,000 on January 20 to 70,700. This is a negative sign as it shows us that the network is getting comparatively weaker.

Image: IntoTheBlock

Litecoin Price Is Expected To Reach These Levels

Since the Litecoin price is sandwiched between so many strong levels, it will probably keep trending horizontally below $150.