Litecoin Price Analysis: LTC Falls By An Incredible 18% During The Current Session
Daily Litecoin LTC Price Forecast
- The Litecoin price has endured a bearish start to the week, with its price falling by over 5% for the second day in a row.
- LTC had a very bullish start to the month that had seen the price go above $200 and settle over $230 on Sunday.
Towards the end of August, the Litecoin price was in a fairly bearish phase, having fallen below the 20-day SMA and settling at $167.80. Although the price rose again the following session, it could not push past the 20-day SMA and fell to $167.44. The price recovered the next day, rising by 2.5% to settle at $171.63. LTC was only able to push past the 20-day SMA on 1st September, when it rose by over 5% to settle at $180.99, just above the 20-day SMA. While the next session did not see much movement, LTC surged by over 16% on 3rd September, surging past the 200-day SMA and the $200 level to settle at 213.09.
Litecoin Price Chart Shows LTC Below Both the 200-Day And 20-Day SMA
The Litecoin price pushed beyond $232 on 5th September, after its price rose by almost 10%. However, Litecoin could not sustain the momentum and opened the week in the red, failing to push past $240. The price fell by almost 6% to settle at $219. The current session saw LTC fall off a cliff, with the price having already fallen by nearly 18%. LTC fell back below 200, the 200-day SMA, and the 20-day SMA, all in one day. Currently, the price is around $181, and we could see LTC fall all the way down to $167 if the current trend continues, with the possibility that it could fall even further.
Image: LTC/USD daily
After Litecoin’s astonishing rally on 3rd September, where the price rose by over 16%, we can see that the RSI also pushed above the neutral zone, with the subsequent rally on 5th September also pushing it further above the neutral zone. While a correction was expected with the RSI falling back into the neutral zone, LTC has kept falling further and could see the support level at $167.57 into play if the price keeps falling.
Looking at IntoTheBlock’s IOMAP for Litecoin, we can see that there is strong resistance at around $197. At this level, over 84,000 addresses have bought nearly 4 Million LTC. There is also support at about $174, which means we could see the support at $167 come into play if the price reaches close to that level.
Looking at the 4-hour price chart, we can see that LTC broke over both the 20-bar SMA and the 50-bar SMA at the start of the month. With the 20-bar SMA now acting as support, LTC pushed to $232 before resistance pushed it back. Bears took control of the subsequent sessions and saw LTC fall below the 20-bar SMA and the 50-bar SMA. The price dropped down to $180, where the 200-bar SMA stabilized the price. The current session has seen LTC rise marginally to $184. With the MACD indicating an incredibly bearish sentiment prevailing in the market, it remains to be seen how far LTC could drop.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price is currently in freefall, with the price having fallen by over 18% since the start of the day. While LTC has somewhat recovered, it is still below the 20-day SMA and the 200-day SMA. If LTC continues to fall, we could see the price fall to the support level of $167.