Litecoin Technical Analysis: LTC Drops By Over 8% on Thursday, But Manages To Stay Above $150 

Daily Litecoin LTC Price Analysis

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Last Updated December 10th 2021
3 Min Read
  • The Litecoin price registered a significant drop on Thursday, as it fell to $151.46. 
  • The current session is seeing a marginal recovery, with the price up to $153. 

After a significant drop in the previous session, the Litecoin price has pushed back up to $153. LTC had started the week on a fairly positive note, as the price pushed up by 3.18%, rising to $161.58. On Tuesday, the price registered only a marginal increase before rising by 1.93% on Wednesday and settling at $165.20. However, Thursday saw the price fall back significantly, as it fell to $151.46 before pushing up marginally during the ongoing session. 

Litecoin Price Chart Indicates LTC Looking To Push To $155 

The Litecoin price started the week on a bullish note, registering an increase of 3.01% on Monday. The price continued to push up, rising to $208.10 on Tuesday. However, the 50-day SMA came into play at this level as resistance, and the price could only register a marginal increase on Wednesday. On Thursday, LTC fell back into the red, dropping to $203.70, before dropping by over 7% on Friday, slipping below $200 and settling at $188.13. LTC continued to drop on Friday, falling by 13.38T, slipping below the 200-day SMA, and settling at $162.96.

Image: LTC/USD daily

LTC/USD daily chart 121021

The Litecoin price continued to drop on Sunday, as it fell to $156.60, slipping below the $160 level. However, Monday did see a recovery, as the price pushed up by 3.18% and settled at $161.58. Tuesday saw only a marginal increase before the price pushed up by 1.93% on Wednesday and settled at $165.20. On Thursday, LTC saw a sharp drop, falling by over 8% and settling at $151.46 before pushing up marginally during the ongoing session.

We can see that the Parabolic SAR is still bearish, but if the price recovers, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $164.33. At this price level, over 95,000 addresses have sold more than 3.9 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 121021

Looking at the 4-hour Litecoin price chart, we can see that LTC had dropped significantly on the 3rd, with the price dropping to $149.67 on the 4th. The price recovered from this level, rising to $164.45 before dropping to $147.34 on the 6th. LTC recovered from this level, pushing above the 20-bar SMA on the 7th and settling at $161.53. With the 20-bar SMA now acting as support, LTC could stay at this level for the next few sessions before falling below the 20-bar SMA on the 9th and moving to its current level of $153.

We can see that the MACD is still bearish, indicating that we could see the price drop, but if LTC recovers, it could flip to bullish.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 121021

Litecoin Price Is Expected To Reach These Levels

Looking at the Litecoin price chart, LTC is looking to recover during the ongoing session. If the current sentiment persists, we could see the price push towards $160.