- The Litecoin price fell during the ongoing session as LTC registered a marginal drop.
- Since dropping below it on Tuesday, LTC has been unable to move past the 20-day SMA.
The Litecoin price fell back during the ongoing session, unable to move past the 20-day SMA, with sellers looking to push the price back below $150. LTC had dropped by 1.31% on Friday, falling to $146.11. LTC recovered over the weekend, rising by over 3% on Saturday and moving to $150.78. Sunday saw LTC register a marginal increase before dropping back during the ongoing session.
Litecoin Price Chart Indicates LTC Could Drop Below $150
The Litecoin price started the previous week in the red, dropping by over 2% on Saturday. LTC continued to drop on Sunday, falling to $155.79, ending the weekend on a bearish note. Monday saw LTC register a marginal increase, but the price fell back in the red on Tuesday, falling by nearly 7%, slipping below the 20-day SMA and settling at $145.69. LTC remained in the red on Wednesday, registering a marginal drop.
Image: LTC/USD daily
The Litecoin price recovered on Thursday, rising by 1.72% and settling at $148.05. However, on Friday, the price was back in the red, dropping by 1.31%. The weekend saw LTC post a strong recovery, rising by over 3% on Saturday and moving to $150.78. LTC registered a marginal increase on Sunday to end the weekend on a positive note before falling back during the current session.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $148.42. At this price level, over 299,000 addresses have bought more than 12 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 28th, dropping to $150.44. The price continued to drop from this level, falling to $145.78 on the 29th. From this level, the price pushed up to $150.05 but fell back to $144.96 before rising to $148.38. LTC pushed above the 20-bar SMA on the 31st, rising to $150.69. However, LTC could not stay at this level and fell back below the 20-bar SMA, dropping to $143.90. LTC made a strong recovery from this level, rising above the 20-bar SMA and moving to $151.42, where the 50-bar SMA was acting as resistance. As a result, the price fell back to $149.63 before pushing to its current level of $150.
We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price increase.
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 registered a marginal drop during the ongoing session. If sellers retain control, we could see LTC drop to $148, where the price could recover thanks to strong support at this level.