- The Litecoin price could only marginally push up to $162, as buyers and sellers struggled for control.
- LTC had fallen significantly during the market crash, falling by over 13% on Saturday.
The Litecoin price has been unable to push up significantly during the week, rising only marginally to $162. LTC had dropped considerably over the weekend due to the marketwide crash, with the price dropping by over 13% on Saturday and settling at $188.13. The price continued to fall on Sunday, falling by 3.90%, before recovering on Monday and settling at $161.58. Tuesday saw only a marginal recovery, as the price pushed up by 0.31%.
Litecoin Price Chart Indicates LTC Could Push Towards $170
The Litecoin price started the previous week on a bullish note, as the price rose by 3.01%, settling at $205.67. LTC continued to push up, rising by 1.18% on Tuesday and by 0.35% on Wednesday to settle at $208.82. At this level, the 50-day SMA came into play as resistance, with the price dropping on Thursday, settling at $203.70. LTC continued to drop on Friday, as the price dropped by over 7% and settled at $188.13.
Image: LTC/USD daily
The Litecoin price continued to drop over the weekend as the selloff intensified. On Saturday, LTC dropped by over 13%, slipping below the 200-day SMA and settling at $162.96. The price dropped further on Sunday, falling to $156.60; after dropping to this level, the Litecoin price recovered, as it pushed to $161.58, rising by over 3%. LTC could only manage a marginal increase on Tuesday, while the current session sees the price up to $164 as buyers look to push the price higher.
We can see that the Parabolic SAR is currently bearish; however, if the price continues to push up, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $155.01. At this price level, over 160,000 addresses have bought more than 4 million LTC.
The 4-hour Litecoin price chart shows us that LTC had pushed above the 20 and 50-bar SMAs, rising to $215.27. The price fell back from this level, slipping back below the 20 and 50-bar SMA and settling at $202.45. The price stayed at this level for the next few sessions before registering a sharp fall and settling at $149.67 on the 4th. LTC pushed up to $164.45 from this level but fell back to $147.34. From this level, LTC pushed above the 20-bar SMA, settling at $165.02, before moving to its current level of $163.53.
The Parabolic SAR and MACD are both currently bullish, indicating that we could see the price push up higher.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price chart, we see that LTC has recovered during the week, although the recovery has been fairly slow. If buyers retain control of the market, we could see the price push up towards $170.