Litecoin Technical Analysis: LTC’s Charge To $300-level Continues
Daily Litecoin LTC Price Analysis
- Litecoin price is currently trending in upward channel formation.
- The MACD shows increasing bullish market momentum.
Since March 26, the Litecoin price has been on an upward trajectory jumping by nearly $100 from $170 to $265. During this upward surge, LTC managed to flip the 20-day and 50-day SMAs from resistance to support.
Litecoin Price Jumped From By Nearly $100 Since March 26
Over the last two days, the Litecoin price dropped slightly to the $245 support line and then jumped to $265 today. LTC is still trending up in an upward channel formation. The MACD shows increasing bullish momentum so further rise is expected. However, the relative strength index (RSI) indicates that Litecoin is on the verge of getting overvalued so this spike will likely be followed by a slight bearish correction.
Image: LTC/USD daily
Looking at the IOMAP, we can tell that the Litecoin price could possibly reach $300 before it faces the aforementioned correction. On the upside there is a lack of strong resistance barrier. The only formidable obstacle lies at $300 where 16,700 addresses had previously purchased around 203,000 LTC tokens.
Litecoin Price Is Expected To Reach These Levels
Litecoin price will likely jump up and reach the $300 psychological level. After that, it will likely face a slight bearish correction.