Litecoin technical analysis: LTC/USD over-valued and may face correction

LTC/USD daily chart

• LTC/USD went up from $100.50 to $104 this Saturday.
• The bulls need to overcome the resistance level at $107.
• The market is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
• The latest session finds support at the upward trending line.
• The relative strength index (RSI) indicator is trending at 66.67 next to the overbought zone.

LTC/USD 4-hour chart

• The latest session is trending above the upper curve of the 20-day Bollinger band, which shows that it may be over-valued and faces correction.
• The 4-hour market was trending in a flag formation from which it had a bullish breakout.
• The widening of the 20-day Bollinger band indicates higher market volatility.
• The moving average convergence/divergence (MACD) indicator shows increased bullish momentum.
• The SMA 20 curve has crossed over the SMA 50 curve which is a bullish sign.

LTC/USD hourly chart

• The hourly LTC/USD price had a bullish breakout from the green cloud of the Ichimoku indicator.
• The price is currently trending upwards in a channel formation.
• The Ichimoku indicator shows that the upcoming future market sentiment is bearish.
• The Elliot oscillator has had two straight bullish sessions following six consecutive bearish sessions.

Key levels