Litecoin Technical Analysis: LTC Looks To Break Above The Bollinger Band
Daily Litecoin LTC Price Analysis
- Litecoin price volatility is on the rise.
- The MACD shows sustained bullish market momentum.
- The MACD shows increasing bullish market momentum.
- The Bollinger Band is expanding, which shows that the price volatility is on the rise.
This Saturday, the Litecoin price dropped from $210 to $195 – losing almost $15 in the process. LTC buyers found support at the 50-day SMA and bounced back up to $215. Let’s take a closer look with technical analysis.
Litecoin Price Reaches Back Above The $200-Level
The Litecoin price has found resistance at the upward Bollinger band. As things stand, the bulls are trying to move above the Band and reach the $220 resistance barrier. There are two signs that show this is likely going to happen:
Image: LTC/USD daily
The IOMAP shows two strong resistance levels on the upside – $220 and $230. At the former, nearly 60,000 addresses had purchased almost 850,000 LTC tokens. Upon conquering this line, Litecoin price should reach $230.
Litecoin On-Chain Analytics Is Positive
On-chain analysis from IntoTheBlock has hinted at a bullish sentiment among traders for Litecoin. As the price rallies, it is anticipated to hit a local top. Currently, the concentration by large HODLers is around 50%, and the evidence shows that there is scope for further rallying and price discovery. Although a new ATH will require higher liquidity and volatility, the current trading volume is high enough on top markets to boost the price.
Based on the trade volume on spot exchanges, there has been an increase in demand, which could push the price closer to $240. After Ether recorded daily gains of 5.11%, the alt rally has continued, boosting the investment inflow to LTC. This increased inflow and the overall bullish sentiment are evident from the price surge on top spot exchanges.