Litecoin Price Prediction: LTC Posts Slow Recovery, Moves Back Above $160 

Daily Litecoin LTC Technical Analysis

Last Updated December 8th 2021
3 Min Read
  • The Litecoin price has registered a slight recovery, pushing up over 3% on Monday. 
  • The current session sees buyers and sellers vying for control after the price had remained fairly static on Tuesday. 

The Litecoin price moved back above $160, although it has been slow to move up, at $162 since Monday. LTC had registered a significant drop of over 7% on Friday, as bearish sentiment gripped the market. Saturday saw an even bigger drop, with LTC slipping below the 200-day SMA and settling at $162.96 after registering a drop of over 13%. On Sunday, the price remained in the red, dropping by 3.90%, before pushing up on Monday, registering an increase of over 3%. 

Litecoin Price Chart Indicates LTC Could Push To $165 

The Litecoin price started the previous week on a bullish note, as the price rose by 3.01% and settled at $205.67. On Tuesday, the price continued to push higher, moving up by 1.18% and settling at $208.10. With the 50-day SMA coming into play at this level, LTC could register only a marginal increase on Wednesday before falling back on Thursday, registering a drop of 2.46%. LTC fell significantly on Friday, as sellers drove the price down by over 7% to $188.13.

Image: LTC/USD daily

LTC/USD daily chart 120821

After dropping by over 7% on Saturday, the Litecoin price continued to drop over the weekend, falling by over 13% on Saturday, slipping below the 200-day SMA and settling at $162.96. Sunday saw the selloff continue, with the price falling by almost 4% and settling at $156.60. However, LTC pushed up on Monday, as it started the week on a positive note, pushing up by 3.15% and settling at $161.53. Tuesday saw a marginal increase as LTC remained in the green. The current session sees buyers and sellers vying for control, with the price at $162.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop. However, it could flip to bullish if the price recovers.

Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $153.62. At this price level, over 136,000 addresses have bought more than 3.4 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 120821

Looking at the 4-hour Litecoin price chart, we can see that LTC had pushed up to $215.27 on the 1st. LTC could not stay at this level thanks to the 200-bar SMA acting as resistance and fell back to $202.45, slipping below the 20 and 50-bar SMAs. LTC could not push above the two SMAs and dropped significantly, falling to $149.67 on the 4th. The price registered a marginal increase from this level but fell back to $147.34 on the 6th. LTC pushed up significantly from this level, with the price rising above the 20-bar SMA and settling at the current $162.

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

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 120821

Litecoin Price Is Expected To Reach These Levels

Looking at the Litecoin price chart, we can see that LTC has recovered during the week, although the price has not seen much movement. If the current sentiment persists, we could see LTC push towards $165 if buyers can retain control.