- The Litecoin price got off to a bearish start to the current week, with the price currently down by over 2%.
- LTC had pushed up significantly on Friday and Saturday but fell by over 2% on Sunday, dropping to $221.
The Litecoin price continued to drop during the current session, as sellers managed to push LTC below $220. LTC had been quite bearish over the previous week and had dropped below the 20-day SMA on Thursday. However, LTC made a strong recovery on Friday as it pushed to $218.17. Saturday saw the bullish sentiment continue as LTC rose to $226.97. However, with the 20-day SMA acting as resistance at this level, the price dropped to $221.39 on Sunday.
Litecoin Price Chart Indicates LTC Could Drop To $210
Although the Litecoin price registered a sharp drop on Friday (12th), the price was back in the green on Saturday, rising by 2.57% and settling at $257.75. Sunday saw LTC push higher, as it rose by over 8% and settled at $279.30. However, the price fell back in the red on Monday, as LTC dropped to $262.93, registering a fall of almost 6%. LTC continued to drop on Tuesday, falling by over 12% and settling at $230.46. The price remained in the red on Wednesday, as LTC registered a marginal drop of 0.37%.
Image: LTC/USD daily
The Litecoin price continued to drop on Thursday, as it slipped below the 20-day SMA and settled at $204.22, registering a drop of over 11%. However, the price posted a strong recovery on Friday, as LTC pushed up by almost 7% and settled at $218.17. The price continued to push up on Saturday, rising by over 4% and pushing to $226.97. At this level, the 20-day SMA came into play, acting as resistance; as a result, the price dropped to $221.30 on Sunday. The week started with the price currently down by over 2%, as sellers look to push the price down to $210.
We can see that the MACD is currently bearish, indicating that the price could drop further.
IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC has strong support at around $211.33. At this price level, more than 71,000 addresses have bought 8 million LTC.
Looking at the 4-hour Litecoin price chart, we can see that LTC had slipped below the 20 and 50-bar SMAs on the 16th when the price fell to $244.61. LTC continued to drop from this level, dropping to $223.11, before registering a marginal increase and rising to $234.23. However, the price fell back after reaching this level, slipping below the 200-bar SMA and settling at $202.07. The price pushed up from this level, pushing up to $218,53, pushing above the 200-bar SMA. LTC continued to push up from this level, moving above the 20-bar SMA and settling at $226.82. With the 20-bar SMA acting as support, LTC was able to stay at this level until it dropped to $215.20, slipping below the 20-bar SMA. LTC is currently still at $215, with buyers and sellers vying for control of the current session.
We can see that the Parabolic SAR is currently bearish, indicating the price could drop. If the price does drop, we could see the MACD also flip to bearish.
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 dropped significantly during the current session. If sellers retain control, we could see the price drop to $211, where LTC could find support.