- The Litecoin price is currently down by nearly 2% during the ongoing session.
- LTC had been quite bullish in recent sessions and had pushed up to $147.74 on Saturday.
The Litecoin price fell back in the red during the ongoing session, as it failed to push to $150. Sellers took control of the ongoing session and pushed the price down to $145. LTC had registered a drop of almost 4% on Thursday before recovering and rising to $144.69, moving above the 20-day SMA. Saturday saw LTC continue to push higher, as the price rose to $147.74 before dropping back during the current session.
Litecoin Price Chart Indicates LTC Could Drop To $140
The Litecoin price started the previous weekend on a bearish note, dropping by 3.59% on Friday and then registering a drop of $1.20 on Saturday. However, LTC could register a marginal recovery on Sunday, rising by 1% and ending the weekend at $130.86. On Monday, LTC fell back in the red, dropping by 3.25% to $126.61. The price recovered on Tuesday, rising by nearly 4%, and then registered an increase of almost 8% on Wednesday, moving to $142.02.
Image: LTC/USD daily
After rising to $142.02 on Wednesday, the Litecoin price ran into the 20-day SMA, which was acting as resistance at this level. As a result, the price fell back on Thursday, dropping by 3.72% to $136.73. On Friday, the price made a strong recovery, rising by nearly 6%, moving past the 20-day SMA, and settling at $144.69. LTC continued to move higher, rising to $147.74 on Thursday, before dropping back during the ongoing session.
We can see that the Parabolic SAR is currently bullish, but if the price continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC faces strong resistance at around $149.32. At this price level, over 182,000 addresses have sold more than 7 million LTC.
The 4-hour Litecoin price chart shows us that LTC had surged to $133.89 on the 12th. The price continued to push higher from this level, surging past the 50-bar SMA and moving to $142.02. The price fell back from this level, dropping to $135.88, before rising to $138.82 on the 14th. The price continued to push higher from this level, rising to $144.74, pushing past the 200-bar SMA on the 15th and moving to $150.26. However, LTC could not stay at this level and fell back below the 20-bar SMA, dropping to its current level of $145.
We can see that the MACD and Parabolic SAR have both flipped to bearish, indicating that we could see the price drop.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows us that LTC has dropped considerably during the current session. If sellers retain control of the market, then we could see LTC drop to $140.