Litecoin Technical Analysis: LTC Hugs Along The Underside Of The 20-day SMA
Daily Litecoin LTC Price Analysis
- Litecoin price is currently sandwiched between critical levels.
- The MACD shows sustained bearish market momentum.
On April 26, the Litecoin price bounced up from the 50-day SMA and jumped up to $258 over the next day. During this uptrend, LTC managed to flip 20-day SMA from resistance to support. Since then, LTC met hard resistance at the 20-day SMA and has pretty much flattened itself around $250.
Litecoin Price Drops Back Below 20-day SMA
This Thursday, the Litecoin price fell from the 20-day SMA to the $250 psychological level. The MACD shows decreasing bearish momentum and the parabolic SAR tells us that current market sentiment is negative.
Image: LTC/USD daily
The next viable level of resistance for Litecoin price is at the 20-day SMA ($260). Previously, at this level, >63,000 addresses had purchased a little over 1.40 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
Litecoin price is on course to dropping towards the $245 support wall. On the upside, the buyers will need to break above the 20-day SMA ($260) to continue upward surge.