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