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Litecoin Technical Analysis: LTC Is Trending In An Upward Channel Formation

Daily Litecoin LTC Price Analysis

1 Min Read
Last Updated April 9th 2021
  • Litecoin price faces strong resistance at $230.
  • The MACD shows sustained bullish market momentum.

Between March 26 to April 6, the Litecoin price jumped from $170 to $235 – going up by $65. Since then, the digital silver dropped to $220, and flipped the $230 line from support to resistance. Let’s take a closer look with technical analysis.

Litecoin Price Flashes Multiple Buy Signals

The Litecoin price has since climbed up to $224 this Thursday and has flashed three different buy signals in the daily chart:

  1. LTC is currently trending in an upward channel formation.
  2. The parabolic SAR has reversed from negative positive.
  3. The MACD shows that the overall market momentum is bullish.

Image: LTC/USD daily

The IOMAP shows that the Litecoin price has one robust resistance barrier at $230. Previously, at this level, 113,000 addresses had purchased 6 million LTC tokens.

Image: IntoTheBlock

Litecoin Price Is Expected To Reach These Levels

The Litecoin price is probably going to breakfast the $230 resistance barrier.

 

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