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Litecoin Technical Analysis: LTC Consolidates After Facing Rejection At $145 Resistance

2 Min Read
Last Updated July 23rd 2021

Daily Litecoin LTC Price Analysis
  • The MACD in the Litecoin price daily chart shows sustained bearish market momentum.
  • The 4-hour LTC price is consolidating between the 20-bar and 200-bar SMAs.

This Wednesday, January 20, the Litecoin price faced rejection at the 20-day SMA and then crashed down over the next two days to $130. This Friday, the price reached an intra-day $123, where it met support at the 50-day SMA and then jumped up.

 

Litecoin Price Trends Horizontally Below $140

As things stand, the Litecoin price has faced multiple rejections at the $145 resistance line and is trending horizontally below the $140 level. The MACD in the daily chart tells us that LTC may experience a bearish correction.

ltc/usd daily chart 012521

Image: LTC/USD daily 

As things stand, the Litecoin price is currently trending between strong levels at $145 and $135. According to the IOMAP, previously at the $145 level, 60,000 addresses had purchased 2.75 million LTC tokens.

ltc/usd volume chart 012521

Image: IntoTheBlock

Looking at the 4-hour chart, we can again see that the Litecoin price is sandwiched between critical levels, which in this case are the 20-bar and 50-bar SMAs. The RSI is also trending horizontally at the neutral zone. This shows that the bulls and bears are currently cancelling each other out.

ltc/usd 4-hour chart 012521

Image: LTC/USD 4-hour

 

Litecoin Price Is Expected To Hit These Levels

As of now, if the bulls and bears keep cancelling each other out, the Litecoin price is going to keep trending horizontally. However, if the price breaks below the $135 support, it may drop to the 50-day SMA ($125). On the other hand, if LTC breaks above the $145 resistance, it could reach 20-day SMA ($150), another robust resistance barrier.

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