Litecoin Price Analysis: LTC Registers Marginal Increase, Pushes Back Above $110 

Daily Litecoin LTC Price Forecast

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Last Updated February 2nd 2022
4 Min Read
  • The Litecoin price is currently up by over 1% during the ongoing session, as buyers look to push it past $110. 
  • LTC has been fairly positive in recent sessions but had ended the weekend on a bearish note, down by nearly 2%. 

The Litecoin price continued its positive start to the week, as buyers pushed LTC to $110 during the ongoing session, with the price looking set to push higher. LTC had started the weekend on a positive note, rising by 1.28% on Saturday and moving to $110.86. However, the price fell back on Sunday, dropping by nearly 2% and ending the weekend at $108.70. The current week started positively, as LTC registered a marginal increase on Monday before pushing to $110 during the current session. 

Litecoin Price Chart Indicates LTC Could Push Past $110 

The Litecoin price was extremely bearish during the previous weekend, dropping by nearly 12% on Friday and then falling over 5% on Saturday, dropping to $108.44. The price recovered on Saturday, rising by nearly 4% and ending the weekend at $112.37. However, Monday saw LTC back in the red, as it dropped by 2.43% and settled at $109.64. The price continued to drop on Tuesday and Wednesday, falling by 1.63% and 0.80%, respectively, and dropping to $106.99.

Image: LTC/USD daily

LTC/USD daily chart 020222

After dropping to $106.99 on Wednesday, the Litecoin price registered a marginal increase on Thursday, before pushing up by over 2% on Friday and moving to $109.46. The weekend started on a positive note for LTC as it rose by 1.28%, moving to $110.86, before dropping back on Sunday and ending the weekend at $108.70. However, the current week started well for LTC, as the price rose by 0.84% on Monday before pushing to $111 during the ongoing session.

We can see that the MACD has flipped to bullish, indicating that we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $108.32. At this price level, over 99,000 addresses have bought more than 3 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 020222

The 4-hour Litecoin price chart shows us that LTC had pushed above the 20-bar SMA on the 25th when the price rose to $109.67. LTC continued to push higher from this level, rising to $111.65 before slipping back below the 20-bar SMA and dropping to $104.21 on the 27th. LTC pushed up from this level, rising to $108.30, but could not move past the 20-bar SMA and fell back to $108.06 on the 28th. LTC made a fairly strong recovery from this level, pushing above the 20 and 50-bar SMAs and moving to $111.33. However, after reaching this level, the price fell back, dropping below the 20 and 50-bar SMAs and falling to $105.32. The price made a strong recovery from this point, as it pushed back above the 20 and 50-bar SMAs, and moved to its current level of $111.

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

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 020222

Litecoin Is Finally Launching Its Major Mimblewimble Upgrade

After two years of development, Litecoin has finally launched its highly anticipated Mimblewimble upgrade, opening the door to more privacy-oriented transactions on the network. Mimblewimble’s integration into Litecoin came by way of the Mimblewimble Extension Block, also known as MWEB, which allows the network’s users to opt-in to confidential transactions.

 MWEB lead developer David Burkett said the upgrade improves Litecoin’s viability as a fungible currency that can be used for everyday transactions, pay employee salaries and even purchase real estate.

Mimblewimble is a privacy-focused decentralized protocol that derives its name from a tongue-tying spell first made famous in the Harry Potter book series. The protocol has a confidentiality feature that allows users to conceal transaction information. It also provides a framework for other blockchains to enhance the usability of their cryptocurrency. 

Litecoin first embarked on Mimblewimble integration in a pair of Litecoin Improvement Proposals dating back to October 2019. The network launched its first Mimblewimble testnet in October 2020 following initial delays due to low community participation. The testnet was also launched around the time that regulators in Europe expressed alarm over privacy coins.

In addition to anonymity and private transactions, Mimblewimble technology focuses on fungibility and scalability. These are key features that are currently lacking across many blockchains. The Litecoin Foundation believes the Mimblewimble integration will contribute to LTC’s status as “sound money,” which is a broad concept that refers to stable monies that are less susceptible to depreciation and influence from monetary policy.

Litecoin Price Is Expected To Reach These Levels

The Litecoin price chart shows us that LTC has made a fairly positive start to the current week, with LTC up by over 1% during the current session. If the current bullish sentiment persists, we could see LTC push towards $115.