Litecoin Price Analysis: LTC Registers Significant Drop Over The Weekend

Daily Litecoin LTC Price Forecast

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Last Updated December 27th 2021
3 Min Read
  • The Litecoin price fell back significantly over the weekend, dropping to $154 during the ongoing session. 
  • LTC could find support at this level, with the 20-day SMA also present at $154. 

The Litecoin price continued to drop during the ongoing session, with LTC currently down by over 2%. LTC was quite bullish prior to the weekend, rising by over 5% on Thursday and settling at $163.69. LTC fell back on Friday, dropping by 1.50% and settling at $161.24; the weekend saw LTC continue to drop by over 2% on Saturday and fall to $157.92, with the price currently down to $154 during the ongoing session. 

Litecoin Price Chart Indicates LTC Could Find Support At $154 

The Litecoin price was quite bearish heading into the previous weekend, dropping by over 3% on Friday. LTC recovered over the weekend, rising by over 3% on Saturday and then by 3.03% on Sunday to end the weekend at $153.34. However, the price fell back in the red on Monday, registering a marginal drop, before rising by 1.50% on Tuesday and settling at $155.01, before registering a marginal increase on Wednesday and settling at $155.45.

Image: LTC/USD daily

LTC/USD daily chart 122721

After rising to $155.45 on Wednesday, the Litecoin price pushed above the 20-day SMA, rising by over 5% on Thursday and settling at $163.69. However, the price fell back on Friday, dropping by 1.50% and settling at $161.24. The price continued to drop over the weekend, falling to $157.92 before falling to its current level of $154.

We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.

Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $151.98. At this price level, over 300,000 addresses have bought more than 5.5 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 122721

The 4-hour Litecoin price chart shows us that LTC had dropped to $147.83 on the 20th. LTC pushed up significantly from this level, rising above the 20 and 50-bar SMAs and settling at $152.72. The price continued to push up from this level, rising to $157.78 on the 22nd. However, the price fell back from this level, falling to $154.51 on the 23rd. The 20-bar SMA was acting as support at this level, and LTC surged to $165.68 before dropping to $158.77 on the 25th. The price continued to drop from this level, going below the 20 and 50-bar SMAs and settling at $153.77 before moving to its current level of $154.

We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further. However, if the price recovers, we could see them flip to bullish.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 122721

Litecoin Price Is Expected To Reach These Levels

Looking at the Litecoin price chart, we can see that LTC has dropped significantly over the weekend. LTC does have support at $154, with the 20-day SMA acting as support, so we could see the price recover and push above $155. However, if sellers manage to break this level of support, LTC could drop to $150.