Litecoin Price Prediction: LTC Drop Temporarily Stalled By $155 Support Line
Daily Litecoin LTC Technical Analysis
- Litecoin price had previously charted a death cross.
- Breaking the $140 support line will flip the parabolic SAR to negative.
Since May 25, the Litecoin price has been trending between $195 and $155 in a $40 channel. Looking at the daily price chart, LTC has failed twice at the $195 barrier on May 26 and June 3. After the June 3 rejection, the sellers took control of LTC and dropped it to $160, flipping the 200-day SMA from support to resistance.
The Buyers Attempt To Push Up Litecoin Price
The Litecoin price jumped up from the $155 support line and is currently trending around $170 and stuck below the 20-day SMA. The MACD shows sustained bullish momentum, however, the 200-day SMA has already crossed over the 50-day SMA to chart the bearish cross.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces immediate resistance at the 20-day SMA ($175). Previously, at this level, 155,000 addresses had purchased almost 2.6 million LTC tokens.
155,000 addresses 2.6 million LTC
Charlie Lee: Two Huge Updates Coming To Litecoin
Litecoin founder Charlie Lee recently explained the two key upgrades coming soon to Litecoin. In an interview with crypto analyst Scott Melker, Lee highlighted why Litecoin’s upcoming update, which will add more privacy and fungibility to the digital asset, is crucial to sound money principles.
By fungibility, Lee means that every coin is the same as every other coin. Fungibility permits users to interchange goods or assets with another asset of the same type because they are identical and have equal value.
Even though one BTC can be traded for another BTC, blockchain transactions inherently provide additional information. For instance, one particular Bitcoin might be held in a wallet worth millions. Meanwhile, another coin might be held in a wallet worth $10.
For money, you want it to be fungible. Any $20 bill you spend should be indistinguishable from any other ones…And it’s not true today for Bitcoin and Litecoin. If you really look into it, when you’re spending coins, you should pick and choose which coin you spend so that it doesn’t reveal any private information you don’t want to reveal.
So if you got paid $10,000 as a salary, if you use those coins to buy a coffee, then the recipient will see that you have $10,000 in your bank account worth of Bitcoin. That’s the kind of information that you wanna keep private, even if you have nothing to hide. Financial privacy is important.”
To tackle this privacy concern, Lee and his team plan to implement new technology, dubbed MimbleWimble (MWEB). This would add more privacy and more fungibility to Litecoin, he added.
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price daily chart, LTC needs to take down the 20-day SMA to touch the 50-day SMA and eventually challenge the $195 resistance barrier.