Litecoin Technical Analysis: LTC Fails To Push Past $280 As Price Drops

Daily Litecoin LTC Price Analysis

Last Updated November 16th 2021
3 Min Read
  • The Litecoin price was highly bullish over the weekend, as the price pushed up to $279. 
  • However, LTC could not push past the $280, with the price currently down by over 3%. 

The Litecoin price registered a drop during the current session, as LTC started the week on a bearish note. LTC was extremely bullish over the weekend, despite the fact that it had dropped by over 4% on Friday. LTC pushed up by 2.57% on Saturday, as the price moved up to $257.75. Sunday saw an even bigger increase, as LTC rose by over 8%, rising to $279.39, but failed to push past $280 as the price dropped on Monday. 

Litecoin Price Chart Indicates LTC Could Drop To $260 

The Litecoin price was quite bullish during the previous week, although it started the previous weekend on a bearish note, registering a drop of 0.655 on Saturday. LTC reversed the bearish trend on Sunday, as the price rose by 2.20%, ending Sunday at $202.15. Monday saw LTC rise by over 13%, as the bullish sentiment persisted, pushing the price to $229.01. LTC continued to push up on Tuesday, registering an increase of over 14% and climbing to $262.03. However, the price dropped on Wednesday after reaching this level, as LTC dropped marginally after a highly volatile session.

Image: LTC/USD daily

LTC/USD daily chart 111621

After dropping marginally on Wednesday, the Litecoin price recovered on Thursday, registering an increase of 0.67%. However, LTC was back in the red on Friday, as it dropped to $251.28 before recovering over the weekend. The price pushed up by 2.57% on Saturday, before another increase on Sunday saw LTC push up by over 8%, as the price rose to $279.30. The price could not push beyond this level, and currently, LTC is down by almost 4%, with the price at $268. We can see that the Parabolic SAR and MACD are bullish, but if the price continues to drop, we could see them flip to bearish.

Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $255.38. At this price level, over 90,000 addresses have bought more than 2.3 million LTC. LTC also faces strong resistance at around $273.11. At this price level, more than 71,000 addresses have sold over 2 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 111621

The 4-hour Litecoin price chart shows us that LTC had surged to $267.22 on the 9th. After a marginal fall, LTC pushed up to $287.81. However, the price turned bearish after reaching this level, as it dropped to $257.10. The 20-bar SMA came into play at this price level as support, and LTC rose marginally before dropping to $262.39. The price pushed up again from this level, rising to $275.73, but turned bearish, slipping below the 20-bar SMA and settling at $248.04. LTC recovered from this level and rose to $261.53, but with the 20-bar SMA now acting as support, LTC couldn’t move past this level until the 14th, when it rose to $279.30. Currently, we can see that LTC has dropped to $268, and if the price continues to drop, we could see them flip to bearish.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 111621

Litecoin Price Is Expected To Reach These Levels

Looking at the Litecoin price chart, we can see that LTC has fallen by a significant margin during the current session. If the price continues to drop, we could see LTC settle at around $260.