Litecoin Technical Analysis: LTC Faces Tough Resistance At $375
Daily Litecoin LTC Price Analysis
- Litecoin price has solid support at $350.
- The RSI is on the verge of being overbought.
Prior to Monday, the Litecoin price had jumped by ~$160 from $225 to $388 between April 26 and May 9 having bounced up from the 50-day SMA. The bulls continued their charge this Monday and pushed LTC to reach a new all-time high of $413 before the bears took over.
Litecoin Price On The Verge Of Being Overbought
Following a bearish Monday, the Litecoin price has currently settled itself around $370. As things stand, the $375 resistance barrier provides a huge obstacle to LTC. The relative strength index is on the verge of entering the overbought zone, so a jump to $400 is still in the cards before LTC gets overvalued.
Image: LTC/USD daily
Looking at the IOMAP, the buyers face strong resistance at $375. Previously, at this level, over 43,500 addresses had purchased >1 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
As of now, the Litecoin price is running towards the $375 resistance barrier. If the bulls maintain their momentum, they should be able to take down this line and aim for the $400 psychological level.