Litecoin Technical Analysis: LTC Makes Strong Recovery, Pushes To $140

Daily Litecoin LTC Price Analysis

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Last Updated January 21st 2022
3 Min Read
  • The Litecoin price is currently up over 3%, as buyers look to push LTC above $140
  • LTC had been fairly bearish during the week and had dropped over 6% on Tuesday. 

The Litecoin price ended the weekend in the red, registering a marginal drop on Sunday. However, LTC made a strong recovery on Monday, rising by 3.23% and settling at $151.25. The 50-day SMA came into play at this level, and LTC fell back on Tuesday, dropping by over 6% and settling at $141.53. Wednesday saw LTC slip below the 20-day SMA, as it dropped to $136.24 before making a strong recovery during the ongoing session. 

Litecoin Price Chart Indicates LTC Could Push Above $140 

The Litecoin price was quite bearish at the start of the previous week, dropping over 3% on Monday. However, LTC was able to recover on Tuesday, rising by almost 4% and settling at $131.62, and then surging by almost 8% on Wednesday and moving to $142.02. At this level, the 20-day SMA came into play as resistance, and LTC fell back on Thursday, dropping almost 4% and settling at $136.73, before recovering on Friday and settling at $138.09.

Image: LTC/USD daily

LTC/USD daily chart 012122

The Litecoin price remained bullish over the weekend, as it rose to $147.78 on Saturday before registering a marginal drop of 0.85% on Sunday and ending the weekend on a bearish note. However, LTC recovered on Monday, rising by 3.23% and moving to $151.25. However, the price fell back on Tuesday, dropping to $141.53 and then slipping below the 20-day SMA on Wednesday and settling at $136.24. The current session sees LTC at $140, and with the Parabolic SAR currently bullish, we could see LTC push above $140.

Looking at IntoTheBlock for the Litecoin Price, we can see that LTC faces strong resistance at around $146.93. At this price level, over 300,000 addresses have sold more than 7.6 million LTC.

Image: IntoTheBlock

LTC/USD volume chart 012122

The 4-hour Litecoin price chart shows us that LTC had dropped below the 200-bar SMA on the 16th when the price fell to $144.82. LTC made a strong recovery from this level, pushing back above the 200-bar SMA and settling at $151.52. After reaching this price level, LTC registered a significant drop, falling below the 20 and 200-bar SMAs and settling at $140.72, where the 50-bar SMA acted as support. However, LTC fell below the 50-bar SMA on the 19th, dropping to$133.82. The price made a strong recovery from this level, rising to $138.99 and then pushing to $142.09 before dropping back to its current level of $140.

We can see that the Parabolic SAR and MACD are bullish, indicating that the price could recover. However, if the price continues to drop, we could see them flip to bearish.

Image: LTC/USD 4-hour

LTC/USD 4-hour chart 012122

Litecoin Price Is Expected To Reach These Levels

Looking at the Litecoin price, we can see that LTC has made a strong recovery during the current session. If the current sentiment persists, we could see LTC push above $140.