Litecoin Technical Analysis: LTC Retraces Back Above $200 After Drop To $190
Daily Litecoin LTC Price Analysis
- Litecoin price daily chart shows that market momentum has reversed from bearish to bullish.
- Strong resistance lies at the $225 line.
Since March 1, the Litecoin price has bounced up from the 50-day SMA, and jumped from $165 to $207, crossing the $200 psychological level, in the process. Let’s take a closer look with technical analysis.
Litecoin Price MACD Has Shifted From Bearish To Bullish
Over the last five days, the bulls have been in control of the Litecoin price. During this phase, LTC went up from $180 to $207, flipping the 20-bar SMA from resistance to support. The MACD has also reversed from bearish to bullish.
Image: LTC/USD daily
For Litecoin price, there is a strong resistance line at $225. Previously, at this level, 31,000 addresses had purchased 1.66 million LTC tokens. On the downside, there is a healthy support wall at $185.
The 4-hour Litecoin price chart tells us that LTC still has space to grow before the relative strength index (RSI) hovers onto the overbought zone. The parabolic SAR indicates that the market sentiment is positive.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The bulls will push the Litecoin price to the $225 resistance line.