Litecoin Technical Analysis: LTC Flips Crucial Level From Support To Resistance
Daily Litecoin LTC Price Analysis
- Litecoin price currently has a healthy support wall at $165.
- LTC volatility has been going down as per the Bollinger Band.
The Litecoin price met major resistance at the 20-day SMA and dropped from $192.50 to $160 between June 4 and June 8. Prior to this crash, LTC has been trending horizontally between $200 and $165 between May 25 and June 4.
Litecoin Price Filps 20-day SMA
On June 13 and 14, the Litecoin price had jumped from $165 to $182.50, flipping the 20-day SMA from resistance to support. Following that, LTC has dropped to $169.65. Reversing the 20-day SMA from support to resistance. The Bollinger band has started narrowing, which indicates decreasing price volatility.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has immediate resistance at the 20-day SMA ($175). Previously, at this level, 155,000 addresses had purchased almost 2.95 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price is currently stuck between the 20-day SMA and the $165 support wall. LTC is going to keep trending horizontally around $170.