Litecoin Price Prediction: LTC Drops Below The 20-day SMA
Daily Litecoin LTC Technical Analysis
- Litecoin price indicates positive market momentum as per MACD.
- The parabolic SAR has reversed from negative to positive.
Between June 23 to June 30, the Litecoin price jumped from $120 to $145, flipping the crucial $130 and $135 levels from resistance to support. A further uptrend was prevented by the 20-day SMA.
Litecoin Price Drops Below Crucial Level
Since July 1, the Litecoin price has been hovering horizontally around $140. On July 4, LTC flipped the 20-day SMA from resistance to support, however, immediately after, LTC broke back below this level. The MACD and Parabolic SAR indicate sustained bullish momentum
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces immediate resistance at the 20-day SMA ($140). As per the IOMAP, nearly 120,000 addresses had purchased over 2.5 million LTC tokens here.
Charlie Lee backed Valkyrie raises $10M in Series A round
Digital asset manager and Bitcoin ETF proponent Valkyrie Investments recently concluded a $10 million Series A funding round, highlighting the growing investor interest in crypto firms.
In addition to Litecoin creator Charlie Lee, the funding round also saw participation from XBTO, BTC Media, UTXO Management, Consolidated Trading, and 10X Capital. Notably, former Major League Baseball pitcher CJ Wilson and Tron founder Justin Sun were also among the investors.
Valkyrie CEO Leah Wald said that her firm is focused on broadening investor access to cryptocurrencies in a “managed, research-driven manner that ultimately provides best-in-class products to all kinds of investors.”
Referencing Wald and Steven McClurg, Valkyrie's chief investment officer, Litecoin founder Charlie Lee said:
"Leah and Steven have a great vision for how they want to bring investment opportunities to market, and I couldn't be happier to support them on this journey."
The asset manager currently offers three crypto funds providing exposure to Bitcoin, Polkadot, and Algorand. In January 2021, Valkyrie applied with the US Securities and Exchange Commission (SEC) to list a Bitcoin exchange-traded fund. However, the SEC has delayed its ruling on the proposed fund.
As Valkyrie’s latest investment round demonstrates, venture funds continue to back crypto startups with conviction. This comes even as Bitcoin and the broader cryptocurrency market met the technical definitions of a bear market in the second quarter.
Litecoin Price Is Expected To Reach These Levels
The buyers need to immediately reclaim the 20-day SMA to ensure that a further drop doesn’t happen. If they fail to do so, LTC will fall to the $135 support.