Litecoin Technical Analysis: LTC Breaks Below The Bollinger Band
Daily Litecoin LTC Price Analysis
- The Litecoin price volatility looks like it is steadily increasing.
- The RSI is on the verge of entering the oversold territory.
This Thursday, the Litecoin price has crashed below the $130 psychological level. Prior to that, LTC was hovering between $130 and $135 between July 8 and July 14. Prior to this, Litecoin crashed from $180 to $120 between June 15 and June 21.
Litecoin Price Volatility On The Rise
The Bollinger Band has started expanding to shows that Litecoin price volatility is on the rise. The relative strength index is on the verge of dropping below 30 and LTC has already fallen below the Bollinger Band. Both these factors indicate that Litecoin is on the verge of getting oversold.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price is falling towards crucial support at $115. As per the IOMAP, nearly 20,000 addresses had purchased almost 1.2 million LTC tokens here.
Nascar Driver To Be Paid In Litecoin?
NASCAR, a team in the Xfinity Series, is set to pay its first driver in cryptocurrencies. The sponsorship side came together quickly because of Landon Cassill, who is a crypto proponent. He’s not only being paid in cryptocurrency, but he is also giving at least three companies involved with the digital currency a sponsorship deal.
Cassill has dabbled with digital assets for years. He said:
"For the most part I have really enjoyed it. It has also brought in a huge community of new fans. Part of this program with Voyager is they really wanna reach out to people and involve people because crypto is all about community."
Voyager is similar to a cryptocurrency brokerage. Its executives came on board as sponsors of Landon Cassill when NASCAR visited Nashville Superspeedway last month. The crypto community expects more sportspeople to follow in the footsteps of Cassill. He added:
“If they are doing a deal with a real company and really trying to promote and they just wanna pay in Bitcoin or something like that, I don’t see why a driver wouldn’t do it."
To celebrate the news, Litecoin CEO Charles Lee took to Twitter. He said:
"Landon Cassill is being paid in Litecoin. #LTC #Litecoin #LitecoinTo10k"
Litecoin Price Is Expected To Reach These Levels
With the volatility increasing, it seems like LTC may break above the 20-day SMA soon. However, the IOMAP shows that there are several strong resistance barriers on the upside.