Litecoin Technical Analysis: LTC Is On The Verge Of Flashing Buy Signal In TF Detector

Daily Litecoin LTC Price Analysis

1 Min Read
Last Updated July 23rd 2021
  • Litecoin price is currently stuck below the 20-day SMA.
  • LTC faces a crucial support wall at the $160 
  • Since May 25, the Litecoin price has been trending horizontally between $200 and $165. Between June 4 and June 8, LTC had dropped from $193 to $166, flipping the 200-day SMA from support to resistance. As you can see, the $160 support wall has repeatedly prevented LTC from going down.

    The Buyers Attempt To Push Up Litecoin Price

    Since the June 4-June 8 drop, the Litecoin price has been trending horizontally between the 20-day SMA and the $160 support line. The MACD shows sustained bullish market momentum, so it doesn’t seem like this support wall is going to break any time soon. The relative strength index is hovering close to the oversold mark.

    Image: LTC/USD daily

    LTC/USD daily chart 061421

    Looking at Into The Block’s IOMAP, the Litecoin price faces resistance at the 20-day SMA ($175). Previously, at this level, 87,000 addresses had purchased almost 3.57 million LTC tokens.

    Image: IntoTheBlock

    LTC/USD volume chart 061421

    Litecoin Price Is Expected To Reach These Levels

    The Litecoin price faces two immediate resistance barriers at the 20-day and 200-day SMAs. Overcoming these two lines will take LTC to $200.

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