- Litecoin had its price dipping under the monthly S1 footing.
- The alt witness bulls accumulate within a historical value area.
- The RSI might show more support, authorizing persistent demand in the coming year.
Litecoin price explores the back-foot as lower volume triggers a brief retracement, pushing the crypto under the monthly S1 barrier near $160. The dip had Litecoin joining a pre-described territory, offering a lucrative purchasing opportunity. That is in the $155 – $138 range. Enthusiasts might expect demand to remain persistent in the coming year, triggering a near-term upward rally to reclaim $170.
LTC Witnesses Persistent Demand into New Year.
Litecoin has had its price retreating over the last four days. That came as market participants pulled out their trades before LTC hit $170. Remember, the 200-day SMA has capped Litecoin’s price function throughout this month.
For now, the alternative coin dipped into a zone that has seen massive distribution and sparked rallies or upswings. It appears that the pattern will play out again as the Relative Strength Index goes sideways with dipping price actions. That presents a conducive atmosphere for moderate purchasing.
For now, Litecoin fans might expect price actions within the $155 – $138 price range. That provides an impressive trade formation. Nevertheless, the alt can see bullish upticks during 2022’s initial trading days. That way, LTC can break past the S1 footing at $160 to test $170 against the 200-day Simple Moving Average.
If LTC bulls break past the 200-day Simple Moving Average, the demand side will enjoy a massive pick-up with buying volume triplicating. Such an environment will see Litecoin rising higher to the value level of $190.
The 55-day Simple Moving Average might present resistance in this area. From here, the alt will have its reasonable profit target at $230, the monthly pivot before hitting the historical mark at $237.
If plunges emerge in the crypto space, expect Litecoin to explore the $138 lower end’s range, then hit the 4 December low at $130. If you enjoy dips, you can explore what Litecoin has for its followers. However, beware that the crypto market sees wild fluctuations.