Litecoin Technical Analysis: LTC Stuck Between Key Technicals
Daily Litecoin LTC Price Analysis
- Litecoin price sandwiched between 20-day SMA and $155 resistance.
- LTC has healthy support levels on the downside.
Between January 10 and January 12, the Litecoin price has dropped from $180 to $135, losing nearly $45 in valuation. Over the last two days, the buyers have managed to push the Litecoin price back above the 20-day SMA, which has flipped from resistance to support.
Litecoin Price Has Found Resistance at $155
As things stand right now, the Litecoin price is sandwiched between the 20-day SMA and the $155 resistance barrier. The relative strength index (RSI) is trending horizontally around 56. So, if the buyers take back control, they have enough space to push the Litecoin price above $155.
Image: LTC/USD daily chart
As the IOMAP shows, there is a moderate to strong resistance zone at $155. Previously at this level, 35,000 addresses had purchased 1.33 million LTC tokens. If the buyers somehow overcome this zone, they should push the $175 psychological zone price.
Even the 4-hour timeframe is sandwiched between crucial levels, with the 50-bar SMA on the upside and the 20-bar SMA on the downside. The MACD shows sustained bullish momentum, so we can expect the Litecoin price to break above the resistance level.
Image: LTC/USD 4-hour chart
Litecoin Price is Expected To Hit What Level?
If LTC breaks above the $155 resistance barrier, it could potentially reach the $175 wall. If the Litecoin price goes through a bearish correction, the IOMAP tells us that there are several healthy support barriers on the downside which should absorb selling pressure.