- The Litecoin pierce registered a staggering drop of over 13% on Saturday.
- LTC has been extremely bearish over the weekend, having dropped over 20% over Friday and Saturday.
The Litecoin price has had an extremely bearish weekend that has seen its price in freefall. LTC had registered a drop of 2.46% on Thursday but fell back significantly on Friday, with the price dropping by over 7%. Saturday saw the price drop by a staggering 13.38% as sellers pushed LTC below the 200-day SMA, with the price settling at $162.96. The current session sees LTC still in the red, with sellers having pushed the price below $159.
Litecoin Price Chart Shows LTC Slips Below $160
The Litecoin price had registered a drop of almost 12% on Friday (26th) as LTC entered the weekend on a bearish note. On Saturday, LTC remained in the red but pushed up on Sunday, rising by 2.21% and settling at $199.65. LTC continued to push up on Monday, moving above $200 and settling at $205.67. Tuesday and Wednesday saw LTC rise by 1.18% and 0.35% to move up to $208.82, where the 50-day SMA was acting as resistance.
Image: LTC/USD daily
After pushing up to $208.82 on Wednesday, the Litecoin price fell back on Thursday, dropping by over 2% and settling at $203.70. LTC continued to drop on Friday, as the price fell by over 7% and settled at $188.13. Saturday saw LTC drop by over 13%, as markets crashed, with LTC dropping below the 200-day SMA and settling at $162.96. The current session sees LTC still in the red, with sellers having pushed the price below $160.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $180.77. At this price level, over 190,000 addresses have sold more than 1.8 million LTC.
Image: IntoTheBlock
The 4-hour Litecoin price chart shows us that LTC had pushed above the 20-bar SMA on the 29th, as it moved to $199.98. The price continued to push higher and above the 50-bar SMA on the 30th, rising to $211.61. With the 50-bar SMA acting as support, LTC pushed up marginally from this level, but with the 200-bar SMA acting as resistance, dropped back below the 20 and 50-bar SMA to $202.45 on the 2nd. LTC could not move beyond this level, thanks to the 20 and 50-bar SMAs acting as resistance, and fell back significantly, slipping below $150 and dropping to $149.67. LTC pushed up to $164.51 before dropping to its current level of $158.
We can see that the MACD is currently bearish, indicating that the price could drop further. However, looking at the RSI, we can see that LTC is almost below the neutral zone. If the price moves out of the neutral zone, we could see a marginal recovery.
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 been extremely bearish over the weekend. If the current sentiment persists, we could see LTC drop towards $150.