Litecoin Price Prediction: LTC Trending Between 20-day SMA and $200 Resistance
Daily Litecoin LTC Technical Analysis
- Litecoin price sits on top of robust support levels.
- Parabolic SAR shows market sentiment is positive.
Since March 1, the Litecoin price has bounced up from the 50-day SMA, and jumped from $165 to $207, crossing the $200 psychological level. However the buyers couldn’t sustain itself above this level and eventually fell down. Let’s take a closer look with technical analysis.
Litecoin Price Falls After Rejection at $200
As things stand, the Litecoin price is stuck between two strong levels – the $200 resistance line and the 20-day SMA. As such, any drastic movements will be difficult for LTC. However there are two positive signs:
- The RSI shows that the Litecoin price is no longer overpriced.
- The parabolic SAR shows that current market sentiment is positive.
Image: LTC/USD daily
The Litecoin price has a robust support level at $185. Previously, nearly 75,000 addresses had purchased 3 million LTC tokens here. Aside from that, there are two more strong support walls at 20-day SMA ($190) and 50-day SMA ($175).
Litecoin’s MimbleWimble To Launch By March 15th
The code to Litecoin’s MimbleWimble (MWEB) upgrade will be ready for the final review and formal auditing on March 15th. MimbleWimble has been running smoothly on the Litecoin testnet for the last three months.
MWEB core developer, David Burkett, recently updated on the progress of the project. He said:
I guess I’ll just kick the can a little bit further down the road, and shoot for launching a community testnet sometime after the code is completed this month. There’s still a ton of work left to do before the code review can be submitted, but I remain confident & committed to meeting the March 15th goal.
After the MimbleWimble code is reviewed and audited, Litecoin miners will have the final say as to whether they want to implement the upgrade or not. According to the team at Litecoin, MimbleWimble will be an opt-in feature for LTC users. It will run on the MW chain separate from the main Litecoin chain.
Litecoin wallet developers and crypto exchanges can decide if they want to implement the MimbleWimble or not. In the future, if governments decide to restrict Litecoin stating it is a privacy coin, crypto exchanges will have the option of no longer supporting the MWEB extension block. In other words, delisting Litecoin would not be necessary as the LTC main chain is a completely separate entity.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely keep trending between the $200 resistance and the 20-day SMA.