Litecoin Price Prediction: LTC Faces Strong Resistance At $205
Daily Litecoin LTC Technical Analysis
- Litecoin price bounced up from the 50-day SMA.
- The MACD shows increasing bullish momentum.
Looking at the Litecoin price daily chart, LTC rose up from $170 to $211 between March 26 to April 2 – rising up by almost $40. Since then, the bears took control and dropped the digital silver to $195, wherein it found support at the 50-day SMA.
Litecoin Price Found Healthy Support At the 20-day and 50-day SMAs
The Litecoin price bounced up from the 50-day SMA and went up to $203. As such, the daily LTC chart shows us two positive buy signals:
- The parabolic SAR has flipped from bearish to bullish.
- The MACD shows sustained bullish market momentum.
Image: LTC/USD daily
Looking at the IOMAP, the closest resistance barrier is at $205. Previously, at this level, 80,000 addresses had purchased almost 1.8 million LTC tokens.
Now, when you look at the daily active addresses over the last 7 days, it shows that the network is weakening. On March 30, the number of addresses entering Litecoin reached a weekly high of 137,000. Since then, the number of addresses entering has steadily decreased to 123,300.
Litecoin Price Is Expected To Reach These Levels
Litecoin price will likely have some trouble to break the $205 resistance barrier.