Litecoin Price Prediction: LTC Keeps Hovering Horizontally Between $120 and 20-day SMA
Daily Litecoin LTC Technical Analysis
- MACD indicates sustained bullish market momentum.
- The Litecoin price volatility in the daily chart has gone down.
The Litecoin price lost $60 in its overall valuation between June 15 and June 21 as it dropped from $180 to $120. In this time period, LTC flipped the 20-day SMA from support to resistance and reverse the MACD from bullish to bearish.
Litecoin Price Hovering Horizontally
Since June 22, the Litecoin price has been hovering between $120 and the 20-day SMA. During this time period, LTC has met continuous resistance at the 20-day SMA. The Bollinger band has been continually narrowing to indicate decreasing volatility. The MACD has flipped back to positive and now shows 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 ($135). As per the IOMAP, nearly 208,000 addresses had purchased almost 4 million LTC tokens here.
Litecoin Price Is Expected To Reach These Levels
It doesn’t look like the Litecoin price is going to break above the 20-day SMA any time soon. As such, the buyers need to focus on making sure that LTC doesn’t break below the $120 support.