Litecoin Technical Analysis: LTC On The Verge Of Entering $140 Psychological Level
Daily Litecoin LTC Price Analysis
- Litecoin price has bounced up from the $120 support line.
- LTC has re-entered the Bollinger Band in the daily chart.
The Litecoin price faced resistance at the 20-day SMA and crashed from $180 to $120 between June 15 to June 22, losing nearly 33% in its overall valuation. During this drop, not only did LTC flip the 20-day SMA from support to resistance, but also managed to fall below the Bollinger Band. However, the buyers soon retook control.
Litecoin Price Re-enters the Bollinger Band
This Wednesday, the Litecoin price has bounced up from the $120 support line and is trending currently around $135, having re-entered the Bollinger Band. The relative strength index tells us that LTC can jump a lot more before getting overbought.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price faces immediate resistance at $140. Previously, at this level, 50,000 addresses had purchased almost 1 million LTC tokens.
Wanchain Integrates Litecoin
Wanchain recently integrated Litecoin into its cross-chain ecosystem. The crypto community can agree that it is essential to create decentralized cross-chain solutions to preserve the decentralized nature of blockchain technology. Wanchain is currently the only service provider that has this functionality on its mainnet and is ready to be used.
The Wanchain team specializes in building decentralized bridges to connect different siloed blockchain networks. Their efforts have even attracted the attention of the State Grid Corporation of China, the world’s largest utility company, which is using Wanchain’s technology to build a data management system. For developers, this infrastructure allows for more complex applications and DeFi products.
As Wanchain’s cross-chain infrastructure has been in development since 2017, the project has come a long way. Wanchain already connects to Bitcoin, Ethereum, EOSIO, Binance Smart Chain, and the XRP Ledger and, most recently, Litecoin in its current form. Future additions will include Polkadot, another prominent blockchain and crypto ecosystem. The addition of Litecoin is especially intriguing and will introduce DeFi opportunities to LTC holders worldwide. Furthermore, this bridge will make LTC usable with EVM-compatible smart contracts.
Wanchain uses a proof-of-stake validator node concept to achieve network consensus to ensure a safe and stable environment. This system is proprietary and goes by the name of Galaxy Consensus. However, as more bridges are built connecting other blockchains, it will prove essential to provide top-notch security and peace of mind at all times.
To perform cross-chain transactions with Wanchain, users have two options. One can either use the WanBridge Web interface or the Wanchain Desktop Wallet. Both options are accessible to anyone and require no special technical knowledge.
Litecoin Price Is Expected To Reach These Levels
The buyers are on course to push the Litecoin price above the $140 resistance barrier. Upon successfully doing that, LTC should reach the 20-day SMA.