Litecoin Technical Analysis: Can LTC Recover From Support Level Of $150? 

Daily Litecoin LTC Price Analysis

Last Updated December 7th 2021
3 Min Read
  • The crypto crash has dragged the Litecoin price to $151 during the ongoing session. 
  • LTC has been extremely bearish over the weekend, with the price dropping below the 200-day SMA on Saturday. 

The Litecoin price slipped below $160 and fell to $151 as the crypto crash continued to wreak havoc. On Friday, LTC had registered a sharp drop, dropping by over 7% and settling at $188.13. The weekend saw LTC continue to drop, as it slipped below the 200-day SMA on Saturday after registering a drop of over 13% and settled at $162.96. LTC slipped below $160 on Sunday, dropping to $156.60, before dropping to $151 during the current session. 

Litecoin Price Chart Indicates LTC Could Drop To $150 

The Litecoin price started the previous weekend on a slightly bearish note, registering a marginal drop on Saturday. However, LTC recovered on Sunday and pushed up to $199.65, ending the weekend positively. Monday saw LTC continue to push up, as it rose by over 3% and settled at $205.67. Tuesday saw a further increase, as LTC rose by 1.18% and settled at $208.10. With the 50-day SMA coming into play at this level, LTC could only register a marginal increase on Wednesday.

Image: LTC/USD daily

LTC/USD daily chart 120721

After registering a marginal increase on Wednesday, the Litecoin price fell back on Thursday, dropping by 2.46% and settling at $203.70. Friday saw an even bigger drop, with LTC falling by over 7% and dropping below $200 to $188.13. The selloff intensified over the weekend, with LTC falling by over 13% on Saturday, slipping below the 200-day SMA and settling at $162.96. Sunday saw LTC slip below $160, as the price dropped to $156.60. The current session sees LTC at $151, with the possibility that the price could drop below $150.

We can see that the Parabolic SAR is currently bearish, indicating that the price could drop. However, LTC does have support at $150, which means there is a chance that the price could recover.

Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $162.87. At this price level, over 112,000 addresses have sold more than 3.3 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 120721

The 4-hour Litecoin price chart shows us that LTC pushed above the 20-bar SMA on the 29th, rising to $199.65. Thanks to the 20-bar SMA acting as support, the price could maintain this price level. LTC pushed above the 50-bar SMA on the     30th, rising to $211.61. However, LTC could not move past this level, thanks to the 200-bar SMA acting as resistance, and dropped back below the 20 and 50-bar SMA on the 2nd. LTC could not push back above the two SMAs and dropped $151.85 on the 4th. LTC pushed up to $164.45 but fell back to its current level of $151.

We can see that the MACD has flipped to bullish, and with $150 being a strong level of support, we could see LTC rebound from this point.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 120721

Litecoin Price Is Expected To Reach These Levels

The Litecoin price chart shows us that LTC has been extremely bearish over the weekend and has slipped to $151 during the ongoing session. However, there is strong support at $150, and we could see LTC rebound from this level.