Litecoin Technical Analysis: LTC Keeps Trending Between $200 and $205
Daily Litecoin LTC Price Analysis
- Litecoin price is trending horizontally over the last three days.
- The MACD has reversed from bullish to bearish.
On March 14 and 15, the Litecoin price dropped from $225 to $200. Since this drop, LTC has been hovering horizontally around $200. As things stand, LTC is going to keep trending between these key levels.
Litecoin Price Is Stuck Between Critical Levels
The Litecoin price has failed to cross over the $205 resistance barrier and is hovering around the $200 level. On the downside, the most immediate support lies at the 20-day SMA ($195). Due to the recent bearish correction, the MACD has flipped from bullish to bearish.
Image: LTC/USD daily
On the downside, the strongest support wall is at $185, wherein 85,000 addresses had previously purchased 2.6 million LTC tokens.
In the 4-hour Litecoin price chart, the parabolic SAR has reversed from bullish to bearish, which adds to the bearish credence.
Image: LTC/USD 4-hour
Litecoin Mimblewimble Is Now Code Complete
Litecoin developer David Burkett recently said that the upcoming Mimblewimble Extension Blocks (MWEB) feature code is now complete. Burkett submitted the code review to GitHub recently, where he noted that only the initial libmw code is completed. 40% of the overall Mimblewimble code is not in the review. The second part of the code, which depends on the first, will be submitted for review shortly.
The Litecoin Foundation noted that the review process may “last a few weeks to a few months." The time taken depends on the speed of the auditing process. After that, miners and node operators will indicate support for the update, allowing it to go live on the Litecoin mainnet.
After over a year of development, the Mimblewimble testnet was completed in December 2020. This was aimed at developers as the final launch will bring the privacy feature to all users. Mimblewimble would be an optional feature that makes LTC transactions fairly untraceable, making Litecoin comparable to Monero or Zcash.
Some people had feared that exchanges would delist Litecoin due to privacy coins regulations. However, Litecoin leader Charlie Lee said that the development team has spoken to exchanges and many leading exchanges said that they would not delist LTC.
Litecoin Price Is Expected To Reach These Levels
We expect Litecoin price to drop to the 20-day SMA ($195).