Litecoin Price Prediction: LTC Sits On Top Of 200-day SMA
Daily Litecoin LTC Technical Analysis
- Litecoin price had a bearish session after two bullish sessions.
- Parabolic SAR flips from negative to positive.
Over the last seven days, the Litecoin price has been trending between $164 and $200. Prior to that, LTC had crashed by 65% as it dropped from $388 to $140 between May 10 and May 23. On May 31 and June 1, LTC rose up from $164 to $187, flipping the 200-day SMA from resistance to support.
Litecoin Price Finds Healthy Support At 200-day SMA
This Tuesday, the Litecoin price dropped from $187 to $181 before finding crucial support at the 200-day SMA. The MACD shows sustained bearish momentum, so it seems like the sellers are going to test the 200-day SMA even harder.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has a robust support at the 200-day SMA. As per the IOMAP, 120,000 addresses had purchased almost 5.3 million LTC tokens at this level.
Dogecoin Is Helping Litecoin Miners?
Dogecoin saw a surge in its volume and even jumped to an all-time high recently. However, irrespective of its rise, it was always perceived as a meme coin. Elon Musk, the CEO of Tesla and self-appointed brand ambassador of DOGE, has been supporting the token for a few months. I
In his recent edition of "Our Network," Spencer Noon highlighted few key aspects of DOGE. Noon’s analysis stated:
DOGE has historically made up 10% of all LTC merge mining revenue. Litecoin miners are seeing a 5x increase in daily revenue (80% from DOGE income). Opportunistic LTC miners have driven up Dogecoin’s hashrate by 48% YTD (30D) with the merge-mined coin now having a higher market cap than its base coin.
Notably, Noon acknowledged a chief setback for DOGE when contrasted with Bitcoin. In terms of Node topology, only 62% of DOGE nodes were in sync within five blocks of the chain tip, partially driven by Dogecoin’s 1-minute block times. Additionally, the analysis stated:
Lower numbers of fully synced nodes make it harder for new nodes to connect and sync to the network, highlighting certain deficiencies at the network layer.
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price daily chart, the buyers need to protect the 200-day SMA at all costs. A drop below this level could take LTC down to $170.