Litecoin Technical Analysis: LTC Is Trending In An Upward Channel Formation
Daily Litecoin LTC Price Analysis
- 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:
- LTC is currently trending in an upward channel formation.
- The parabolic SAR has reversed from negative positive.
- 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.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price is probably going to breakfast the $230 resistance barrier.