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Technical Analysis for LTCUSD for 13th January 2022

Litecoin Adds 17%, LTC Whales Accumulating

Litecoin whales are in accumulation mode, adding five percent more of LTC's total supply in the last week alone.

Past Performance of LTC

Litecoin, like the rest of the market, is bouncing back strongly against bears. LTC is up an encouraging 20 percent from 2022 lows in the daily chart. With increasing trading volumes and bullish market participants, LTC will likely outperform in the short term.

Litecoin Technical Analysis

Despite gains in the past two days, LTC prices are still within the range of last week's bears. 

Therefore, for the uptrend to be affirmed and LTCUSDT price action beat for bulls, there must be a high volume close above the middle BB and ideally, $165—a critical reaction line clear in the daily chart. In the meantime, following the formation of early this week, aggressive Litecoin traders may find entries to align with the trend, ramping up and targeting $165 as Litecoin bulls flow back from around September 2021 lows. 

If LTCUSDT unexpectedly dumps below $120, the uptrend would be canceled. Subsequently, Litecoin may likely drop to $100 in continuation of the November 2021 bear run.

What to Expect of LTC

Litecoin's drawdown from November 2021 has been profound. The coin fell over 55 percent, finding support in early January 2022. LTC bears are still in control until a sharp, high volume close above $165 completes the W-pattern formation to indicate Litecoin bulls.

Resistance level to watch: $165

Support level to watch: $120

Disclaimer: Opinions expressed are not investment advice. Do your research.

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