0
0

Litecoin Price Prediction: LTC Bulls String Together Four Straight Bullish Days

Last Updated February 8th 2021

Daily Litecoin LTC Technical Analysis

  • Litecoin price crossed above the $130 and $140 psychological levels over the last four days.
  • LTC is presently stuck between several technical levels.

Litecoin price dumped from $150 to $129.50 after failing at the 20-day SMA. Since then, the bulls have been in complete control. The price has since crossed over the $130 and $140 psychological levels and is presently trending around $142.

 

Litecoin Price Aims For The $145 Resistance Level

As things stand, the Litecoin price is sandwiched between very strong levels. The price attempted to reach the 20-day SMA ($150) but again got rejected as the holders seem to have chosen this zone as a sell-off point.

ltc/usd daily chart 012621

Image: LTC/USD daily chart

Currently, the LTC price faces strong resistance at $140, where 57,500 addresses had previously purchased 2.73 million LTC tokens. Even if the buyers break past this level, they face strong resistance at the 20-day SMA, which has repeatedly managed to push Litecoin price down.

ltc/usdvolume chart 012621

Image: IntoTheBlock

On the downside, Litecoin has a strong support barrier between $134 and $142.50. As per the IOMAP, 141,000 addresses had purchased a staggering 4.84 million Litecoin tokens. It will take an immense amount of selling pressure for the bears to even think of breaching below these levels.

 

Litecoin Addresses Decreasing

Despite the positive price action of the last four days, the number of new addresses joining Litecoin has decreased from 85,000 on January 20 to 70,700. This is a negative sign as it shows us that the network is getting comparatively weaker.

litecoin addresses chart 012621

Image: IntoTheBlock

 

Litecoin Price Is Expected To Reach These Levels

Since the Litecoin price is sandwiched between so many strong levels, it will probably keep trending horizontally below $150.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.

    more from Cryptocurrency News...

    Daily Bitcoin BTC Technical Analysis Bitcoin price is hovering between strong levels. Parabolic SAR shows that the current market sentiment is...
    Daily Bitcoin Cash BCH Technical Analysis Bitcoin Cash price has flipped the $470 line from support to resistance. The MACD has reversed from...
    Daily Litecoin LTC Technical Analysis Litecoin price in the daily chart reversed the 50-day SMA from support to resistance. The MACD shows...
    Daily Ripple XRP Technical Analysis The 50-day SMA has stopped the XRP bears for now. The MACD shows increasing bearish market momentum. The...
    Daily Cardano ADA Technical Analysis Cardano price reached an all-time high of $1.48 this Saturday. The RSI shows that the ADA is no longer...