Litecoin Technical Analysis: LTC Is Rising Towards The $245 Resistance
Daily Litecoin LTC Price Analysis
- Litecoin price is still overvalued, as per RSI.
- 4-hour chart flashes multiple buy signals
The Litecoin price has jumped from $122 to $234 since January 28, nearly doubling itself in valuation. As of now, the buyers are pushing LTC towards the $250 psychological level. Let’s take a closer look with technical analysis.
Litecoin Price Flashes All The Right Signals...Except One
As you can see, the Litecoin price had an extremely bullish Wednesday, wherein it jumped from $209 to $236. This push has presently made LTC significantly overvalued, as evidenced by the relative strength index (RSI).
Image: LTC/USD daily
On the upside, there is a moderate resistance barrier at $250, wherein 28,700 addresses had previously purchased 181,000 LTC tokens. Overcoming this level shouldn’t be an issue for Litecoin price.
In the 4-hour Litecoin price chart, there are two bullish signals which bodes well for LTC:
- The MACD showing increasing bullish market momentum.
- The 20-bar SMA getting flipped from resistance to support.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
As things stand, the Litecoin price is likely to keep climbing towards the $250 psychological mark.