Litecoin Technical Analysis: LTC Must Overcome Key Resistance To Flip Parabolic SAR
Daily Litecoin LTC Price Analysis
- Litecoin price faces immediate resistance at 20-day SMA.
- The MACD indicates increasing bullish market momentum.
The Litecoin price has crashed from $180 to $120 between June 15 to June 22 and flipped the parabolic SAR from positive to negative. Plus, LTC also managed to reverse the 20-day SMA from support to resistance.
Litecoin Price Faces Key Resistance
Since June 23, the Litecoin price has jumped from $120 to $143. The MACD shows increasing bullish momentum to reflect this growth. As things stand, LTC has met immediate resistance at the 20-day SMA.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces immediate resistance at the 20-day SMA ($145). Previously, at this level, 80,000 addresses had purchased over 1.85 million LTC tokens.
Litecoin Price Is Expected To Reach These Levels
The buyers need to push past the 20-day SMA to flip the parabolic SAR from negative to positive. Following that, Litecoin price will face resistance at the $160 barrier.