Litecoin Technical Analysis: LTC Withdraws From The 20-day SMA
Daily Litecoin LTC Price Analysis
- Litecoin Price has a strong resistance barrier at the 20-day SMA.
- The MACD shows increasing bearish momentum.
Litecoin price crashed from $235 to $175 between February 20 to February 23, flipping the 20-day SMA from the support to resistance. However, the 50-day SMA has prevented LTC from going down any further.
Litecoin Price Faces Resistance At The 20-day SMA
Over the last two days, the Litecoin price has improved to $190. This Thursday, LTC tried to cross above the $200 psychological level, before it met resistance at the 20-day SMA. However, do note that the MACD shows increasing bearish momentum.
Image: LTC/USD daily
As per the IOMAP, it makes sense why the 20-day SMA ($205) has a strong resistance barrier. Previously, at this level, 51,600 addresses had purchased a little over 980,000 LTC tokens.
Looking at the 4-hour Litecoin price chart, the relative strength index (RSI) is hovering around the neutral zone. This shows that LTC has enough room to grow.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price is going to rise up to the 20-day SMA ($205) before it meets strong resistance.