Litecoin Price Analysis: LTC Pushes Past $260 As Price Recovers Over The Weekend
Daily Litecoin LTC Price Forecast
- The Litecoin price posted a strong recovery over the weekend after registering a drop of over 4% on Friday.
- LTC has been quite bullish and had pushed above $260 during the previous week.
The Litecoin price has recovered over the weekend, as the price registered an increase of 2.57% on Saturday, with the price up by almost 3% during the current session. LTC had been quite bullish at the start of the week but fell flat on Wednesday and Thursday. The price dropped on Friday before recovering over the weekend, pushing to $257.75 on Saturday and then pushing past $260 during the current session.
Litecoin Price Chart Indicates LTC Could Push To $270
The Litecoin price started the previous weekend in the red, as it registered a drop of 0.65% on Saturday before recovering on Sunday, rising by 2.20% to push past $200 and settle at $202.15. The week started with LTC still bullish, as the price rose by over 13% on Monday, pushing the price to $229.01. The bullish sentiment persisted on Tuesday, as LTC rose by over 14%, rising to $262.03. However, after reaching this level, the price fell into the red on Wednesday.
Image: LTC/USD daily
After rising to $262.03 on Tuesday, the Litecoin price registered a marginal drop of $0.53%, after a highly volatile session that saw LTC register a high of $305 and a low of $240. LTC pushed up marginally on Thursday but fell back on Friday, dropping by 4.24% and settling at $251.28. However, the weekend saw the price make a strong recovery, as LTC pushed up to $257.75 on Saturday. The current session sees LTC up by over 3%, and with the Parabolic SAR and MACD both bullish, we could see the price push up higher.
IntoTheBlock’s IOMAP for the Litecoin price indicates that LTC has strong support at around $229.84. At this price level, more than 49,000 addresses have bought over 1.4 million LTC.
The 4-hour Litecoin price chart shows us that LTC pushed past the 20 and 50-bar SMAs on the 8th, as the price surged to $267.22. After dropping marginally from this level, LTC pushed up once more, as the price rose to $287.81, before dropping to $257,10, where the 20-bar SMA came into play as support. The price pushed up marginally from this level but dropped to $262.39. After another marginal increase, the price slipped below the 20-bar SMA and dropped to $248.04. The price recovered from this level, pushing to $261.53, but with the 20-bar SMA acting as resistance, it dropped back to $256.15 before rising to its current level of $266. While the Parabolic SAER has flipped to bullish, the MACD is still bearish. However, if the price continues to push up, we could see the MACD flip to bullish.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price chart, we can see that LTC has made a strong recovery over the weekend, with sellers in control of the current session. If the current sentiment persists, we could see LTC push to $270.