- Litecoin price is currently stuck below the 20-day SMA.
- LTC faces a crucial support wall at the $160
Since May 25, the Litecoin price has been trending horizontally between $200 and $165. Between June 4 and June 8, LTC had dropped from $193 to $166, flipping the 200-day SMA from support to resistance. As you can see, the $160 support wall has repeatedly prevented LTC from going down.
Litecoin Price Continually Tests 20-day SMA
Since May 25, the Litecoin price has been stuck between $200 and $160, The Bollinger Bands have started narrowing considerably which indicates decreasing price volatility. The relative strength index (RSI) shows that if the bulls do take control, BTC will have plenty of room to move before it gets overpriced.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces strong resistance at $175 which sees a confluence of the 20-day and 50-day SMAs. Previously, at this level, 82,000 addresses had purchased almost 3.88 million LTC tokens.
Litecoin Price On-Chain Analysis – Glassnode
"$LTC Amount of HODLed or Lost Coins just reached a 1-month high of 17,026,128.278 LTC."
Litecoin (LTC) in your 401 K?
ForUsAll, a retirement investment platform for small businesses, recently announced the launch of the Alt 401(k). The new investment program permits employers to provide alternative investment options within 401(k) plans, which is the first of its kind. Notably, the firm allows employers to offer cryptocurrency as the plan’s first alternative investment. This can be done by choosing Coinbase Institutional, a leading cryptocurrency platform. An excerpt outlining the key features of the Alt 401(k) reads:
A full turn-key automated 401(k) for employers, with both traditional and alternative investment options. Employees can transfer up to 5% of their balances into a secure account that has exposure to certain cryptocurrencies. Employees will be able to buy, hold, and sell over 50 different cryptocurrencies. Employees will get ongoing portfolio monitoring and education.
Brett Tejpaul, Head of Institutional Sales, Trading, and Prime at Coinbase said that the firm is excited to work with ForUsAll, the leading 401(k) technology platform, to expand access to cryptocurrency through 401(k)s. Cryptocurrencies are reportedly more efficient in 401(k) due to tax efficiency, diversification, saving incentive, convenience and security.
Meanwhile, Litecoin creator Charlie Lee stated that on June 8, 2011, he got into Bitcoin. "Today is exactly 10 years since that day. It is the first time I got goosebumps from something happening in this space. History will look back on this day as a major turning point for Bitcoin," he added.
Recently, CoinShares listed Litecoin, Bitcoin, and Ethereum ETPs on the Germany-based Börse Xetra platform.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price is currently testing the 20-day SMA pretty thoroughly. If the bulls manage to break past this level, they will face immediate resistance at the 200-day SMA.