Litecoin Price Analysis: LTC Posts Strong Recovery, Looks To Push Past $230 

Daily Litecoin LTC Price Forecast

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Last Updated November 26th 2021
3 Min Read
  • The Litecoin price has pushed up significantly during the ongoing session and is currently up by over 8%.
  • LTC has been quite bearish over the week and had dropped by over 5% on Monday. 

The Litecoin price surged past $220 during the ongoing session as buyers took control of the session. Currently, LTC is up by over 8%. LTC has been quite bearish over the week and had dropped by over 5% on Monday, falling to $209.28. Tuesday saw the price recover, as it rose to $216.36, but it fell back on Wednesday, registering a drop of almost 2% and settling at $212.26 before pushing up significantly during the current session. 

Litecoin Price Chart Indicates LTC Could Push To $230 

The Litecoin price started the previous week on an extremely bearish note, as the price dropped by almost 6% on Monday, dropping to $262.93. The bearish sentiment persisted on Tuesday, as the price dropped by over 12%, with LTC falling to $230.46. On Wednesday, LTC remained in the red, registering a marginal drop before slipping below the 20-day SMA on Thursday and settling at $204.22. However, after dropping to this level, LTC made a strong recovery on Friday, rising by almost 7% and settling at $218.17.

Image: LTC/USD daily

LTC/USD daily chart 112621

After pushing up to $218.17 on Friday, the Litecoin price continued to push up on Saturday, rising to $226.97. However, with the 20-day SMA acting as resistance at this price level, the price dropped on Sunday, falling to $221.39. On Monday, the price continued to drop as LTC fell by over 5%, dropping to $209.28. LTC recovered on Tuesday, rising to $216.35, but fell back on Wednesday, dropping to $212.26. The current session has seen LTC make a strong recovery, with the price pushing above $220.

We can see that the MACD is currently bearish; however, if the price continues to push up, we could see it flip to bullish.

Looking at IntoTheBlock’s  IOMAP for the Litecoin price, we can see that LTC has strong support at around $212.01. At this price level, over 156,000 addresses have bought more than 9.6 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 112621

The 4-hour Litecoin price chart shows us that LTC had dropped to $202.07 on the 19th after slipping below the 200-bar SMA. The price made a strong recovery from this level, as it rose to $223.92, pushing above the 20 and 200-bar SMAs. With the 20-bar SMA now acting as support, LTC was able to stay at this level for the next few sessions before slipping below the 20 and 200-bar SMAs and settling at $206.72. LTC could only push up to $216.36 from this level, thanks to the 200-bar SMA acting as resistance, before dropping to $207.61. After dropping to this level, LTC pushed up strongly, pushing above all three SMAs and rising to its current level of $229.

We can see that the Parabolic SAR and MACD are both bullish, indicating that the price could push higher during the current session.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 112621

Litecoin Price Is Expected To Reach These Levels

Looking at the Litecoin price chart, we can see that LTC has made a strong recovery during the current sentiment. If the current sentiment persists, we could see the price push up to $230.