Technical Analysis for LTCUSD for 23rd February 2022
Litecoin Retests Multi-week Lows at Around $100, LTC Showing Signs of Revival
Past Performance of LTC
Like other coins, LTC is under immense selling pressure at spot rates, dropping over 45 percent from peaks. Noticeably, there are a series of lower lows as sellers press lower, as visible from the LTCUSDT price action in the daily chart. With LTC prices retesting January 2022 lows, the coin is at a crux. The short-term price action depends on the reaction at $100—a multi-week support level and round number.
Litecoin Technical Analysis
There are lower lows clear in the past few days, and LTCUSDT prices are within a descending channel, evident in the daily chart. Even so, LTC prices are capped within a broader $50 zone with support and resistance levels at $100 and $150, respectively. Since bears are in a controlling position and at a multi-week support level retesting January 2022 lows, there could be entries above $150 or below $100, depending on the breakout volumes. A close below $100 may force LTC back to $70. On the flip side, reversals from spot rates above $110—or February 21 bear bar--could be the foundation for a swing higher towards $150 and later $180 as a W-pattern formation takes shape.
What to Expect of LTC
LTC prices are retesting a critical support level at $100. There are welcomed attempts of higher highs, of which a close above $110 may be the basis for a leg up towards $150. If not, losses below $100 may trigger another wave of selling pressure towards $70.
Resistance level to watch: $110
Support level to watch: $100
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