- The Litecoin price fell on Sunday, with the price currently down by over 1.50%.
- LTC had made a strong recovery on Friday, rising by almost 7% after registering a drop of over 11% on Thursday.
The Litecoin price registered a marginal drop during the current session, as sellers look to push the price back below $220. On Thursday, LTC had registered a sharp drop as the price slipped below the 20-day SMA and settled at $204.22. However, Friday saw a strong recovery, as LTC pushed back to $218.17 after registering an increase of almost 7%. Saturday saw LTC continue to push up, rising by over 4% before dropping during the current session.
Litecoin Price Chart Indicates LTC Could Drop to $220
The Litecoin price started the previous weekend on a bearish note, registering a sharp drop of over 4% on Friday. However, the weekend saw LTC make a strong recovery, as the price rose by 2.57% on Saturday. Sunday saw LTC post a significant increase, as it rose by over 8% to end the weekend at $279.30. Despite the bullish sentiment over the weekend, LTC registered a sharp drop on Monday as the price dropped by almost 6%, settling at $262.93. On Tuesday, the price continued to drop with a staggering drop of over 12%, pushing the price down to $230.64. Wednesday saw the price remain in the red but registered only a marginal drop of 0.37%, with the 20-day SMA coming into play as support.
Image: LTC/USD daily
After registering only a marginal drop on Wednesday, the Litecoin price registered another significant drop on Thursday, as LTC fell by over 11% to slip below the 20-day SMA and settle at $204.22. At this level, the 50-day SMA was acting as support, and the price pushed up on Friday, rising by almost 7% and moving to $218.17. Saturday saw the price continue to push up as it moved to $226.97. At this level, the 20-day SMA came into play as resistance, and the price dropped during the current session, with LTC currently down by over 2%.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC has strong support at around $212.60. At this price level, over 129,000 addresses have bought more than 9.7 million LTC.
The 4-hour Litecoin price chart shows us that LTC fell drastically after rising to $279.30 on the 15th, falling below the 20 and 50-bar SMAs and dropping to $223.11. The price posted a marginal recovery from this level but slipped back into the red, as it fell to $202.07, slipping below the 200-bar SMA. However, LTC made a strong recovery from this level and pushed to $218.76, moving above the 200-bar SMA. The 20-bar SMA was acting as resistance at this level, but the price pushed past this level and settled at $223.92. The price slipped below the 20-bar SMA from this level, dropping to $214.99, but pushed back up to its current level of $222.
We can see that the Parabolic SAR is bullish; however, if the price continues to drop, we could see it 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 fallen back into the red during the current session. If the current trend continues, we could see LTC drop below $220 and drop towards $212, a level where it has support.