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Litecoin Price Analysis: LTC/USD bulls look to break above the SMA 20 curve

  • LTC/USD bulls took control of the market for the second straight day.
  • The 20-day Bollinger jaw has narrowed, indicating decreasing price volatility.
Litecoin Price Analysis: LTC/USD bulls look to break above the SMA 20 curve
Rajarshi MitraRajarshi MitraIndependent Analyst

LTC/USD daily chart

LTC/USD daily chart

LTC/USD bulls took control of the market for the second straight day as the price went up from $73.40 to $74.50 in the early hours of Saturday. The SMA 20 acts as immediate market resistance, which the bulls will need to conquer to continue the upward movement. After breaking past SMA 20, the bulls should aim to go past the $77 resistance level to get back into the $80-zone. Both the MACD and Elliott Oscillator shows that while the overall market sentiment is still bearish, the recent buyer action has definitely inhibited the downward momentum. The 20-day Bollinger jaw has narrowed, indicating decreasing price volatility.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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