Litecoin Price Prediction: LTC Continues To Fall As Price Slips Below $170
Daily Litecoin LTC Technical Analysis
- Keeping in line with other altcoins, the Litecoin price remained bearish during the current session.
- Despite a positive start to the week, LTC turned bearish, recording a fall of over 3% on Tuesday.
The Litecoin price continued to remain bearish as it slipped below $170 during today’s session. LTC had a mixed weekend that saw the price push up to $179.96 on Saturday before falling on Sunday to settle at $174.92. LTC rose again on Monday, but the price fell into the red on Tuesday as LTC fell by over 3%. The current session sees LTC in the red as well, as the price continues to be bearish, in line with other altcoins that have also been bearish in today’s session.
Litecoin Price Chart Indicates LTC Could Drop to $165
Despite a bullish start to the month, the Litecoin price has flipped to bearish over the past few days. LTC started October rising by over 8%, pushing up above the $150 level and the 20-day SMA to settle at $166.27. The weekend saw LTC continue to be bullish as the price rose to $170.56 by Sunday. However, the price fell on Monday as LTC dropped by 1.72% to settle at $167.61. LTC did recover from this level, pushing up to $173.87 on Tuesday and then pushing above the 50-day SMA and settling to settle at $178.52 on Wednesday. After registering only a marginal increase on Thursday, LTC found itself back in the red on Friday, as the price dropped by 1.55% to drop to $175.90.
Image: LTC/USD daily
After dropping on Friday, the Litecoin price recovered to push up to $179.96 on Saturday before falling to $174.92 on Sunday, with the 50-day SMA acting as strong support. The price recovered again on Monday as LTC started the week on a positive note, rising by 2.48% to push to $179.26. However, the price turned bearish after this point as sellers pushed LTC down by 3.65%, piercing the support at the 50-day SMA and pushing the price down to $172.72. With the price below the 50-day SMA, the current session saw LTC fall even further. While the Parabolic SAR and the MACD are both bullish, if the price continues to fall, we could see both flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces stiff resistance at around $172.28. At this price level, over 280,000 addresses have sold more than 5.4 million LTC.
Looking at the 4-hour Litecoin price chart, we can see that LTC had risen to $185.29 on the 7th before dropping to $176.40, where the 20-bar SMA was acting as support. LTC rose to $181.96 before dropping below the 20-bar SMA to settle at $175.90. The price then climbed up to $182.72, as LTC pushed back above the 20-bar SMA, but the price could not stay at this level, dropping to $174.92. With the 50-bar SMA now acting as support, LTC rose up to $184.62 but then fell to $173.75, slipping below the 50-bar and 20-bar SMAs, before falling further to $170.63. Currently, we can see that LTC is around $169, and with the Parabolic SAR and MACD both bearish, we could see the price fall during the current session.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows us that LTC has become quite bearish since the weekend and registered a significant drop on Tuesday. With sellers in control of the current session, we could see LTC fall further to around $165, where the 20-day SMA could act as support.