Litecoin Technical Analysis: LTC Flips 200-day SMA From Resistance To Support
Daily Litecoin LTC Price Analysis
- Litecoin price faces immediate resistance at $185.
- LTC is on the verge of flipping parabolic SAR from negative to positive.
The Litecoin price is on the verge of overcoming the $185 resistance barrier. Prior to that, LTC had crashed by 65% as it dropped from $388 to $140 between May 10 and May 23 – and flipped the 20-day, 50-day , and 200-day SMAs from support to resistance. Following this crash, the buyers pushed up LTC to $185, reversing the 200-day SMA from resistance to support. However, the price soon slumped after encountering the $200 obstacle.
Litecoin Price Overcomes The 200-day SMA
This Saturday, the Litecoin price dropped from $178 to $162 and flipped back the 200-day SMA from support to resistance. However, the buyers then took back control over the next two days, and pushed LTC up from $162 to $183 – gaining back the 200-day SMA as a support wall. Looking at the daily price chart, LTC is on the verge of:
- Reversing the parabolic SAR from negative to positive.
- Flipping the MACD from bearish to bullish.
Image: LTC/USD daily
Litecoin price has immediate resistance at $185. As per the IOMAP, 73,000 addresses had purchased almost 1.75 million LTC tokens at this level.
Litecoin Price SOPR Drops Below 1
Over the last week, the SOPR (Spent Output Profit Ratio) has dropped below 1. This tells us that more Litecoin holders are at a loss than profit.
Litecoin Price Is Expected To Reach These Levels
Now that the Litecoin price has overcome the 200-day SMA, it needs to overcome the $185 resistance to reach $200.