Litecoin Technical Analysis: LTC Drops Below $150 On Monday

Daily Litecoin LTC Price Analysis

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Last Updated January 5th 2022
3 Min Read
  • The Litecoin price has posted a marginal recovery during the ongoing session, as buyers look to push LTC back above $150. 
  • LTC has been unable to move past the 20-day SMA, which has been acting as a strong line of resistance. 

The Litecoin price is looking to push back above $150, as LTC registers a marginal increase during the ongoing session. LTC had dropped to $146.11 on Friday but recovered over the weekend, rising over 3% on Saturday and then registering a marginal increase on Sunday to end the weekend at $151. However, with the 20-day SMA acting as resistance, LTC fell back on Monday, dropping by nearly 2% and settling at $148.54. 

Litecoin Price Chart Indicates Buyers Looking To Push LTC Above $150 

The Litecoin price was quite bearish during the previous weekend, dropping by over 2% and settling at $157.92. LTC continued to drop on Sunday, ending the weekend at $155.80. LTC was only able to register a marginal recovery on Monday before dropping by 6.58% on Tuesday, slipping below the 20-day SMA and settling at $145.78. On Wednesday, LTC remained in the red, registering a marginal increase before rising to $148.02 on Thursday.

Image: LTC/USD daily

LTC/USD daily chart 010522

After rising to $148.02 on Thursday, the Litecoin price fell back on Friday, dropping by 1.29% on Friday, falling to $146.11. However, LTC recovered over the weekend, rising by 3.19% on Saturday and moving to $150.78. The price continued to push higher on Sunday, registering a marginal increase and ending the weekend on a bullish note. However, the price fell back on Monday, dropping by nearly 2% before recovering during the ongoing session.

We can see that the Parabolic SAR is currently bearish, but if the price is able to move past the 20-day SMA, we could see it flip to bullish.

IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC has strong support at around $147.80. At this price level, over 220,000 addresses have bought more than 8 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 010522

Looking at the 4-hour Litecoin price chart, we can see that LTC had dropped to $144.96 on the 30th. LTC made a strong recovery from this level, rising to $148.38 on the 31st and then moving past the 20-bar SMA, rising to $150.69. LTC could not stay at this level and fell back drastically, falling below the 20-bar SMA and settling at $143.90. The price made a strong recovery from this level, pushing above the 20-bar SMA and moving to $150.78 on the 2nd. LTC registered a marginal drop from this level and then rose to $151.42, where the 50-bar SMA was acting as resistance. As a result, the price fell back, dropping back below the 20-bar SMA on the 3rd and then rising above the 20 and 50-bar SMAs to its current level of $150.

We can see that the MACD is currently bullish, but if LTC is unable to move past the resistance at $152, we could see the price drop, and the MACD could flip to bearish.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 010522

Litecoin Price Is Expected To Reach These Levels

Looking at the Litecoin price chart, we can see that LTC has recovered during the current session, although it faces resistance at $152. If LTC is able to move past this level, we could see the price push to $155. However, if sellers retake the session, LTC could drop to its support level of $147.