- The Litecoin price has started the week on a bearish note and is currently down by over 5%.
- LTC has been extremely bearish and had registered a sharp drop of nearly 8% on Wednesday.
The Litecoin price slipped below $125 during the current session as sellers took control and drove the price down. LTC had started the weekend on a fairly bearish note, dropping by 3.59% on Friday. LTC continued to drop on Saturday, falling by 1.20% on Saturday, before recovering on Sunday and rising by 1%, moving to $130. The current session sees LTC at $123, with sellers looking to push the price even lower.
Litecoin Price Chart Indicates LTC Could Drop To $120
The Litecoin price was quite bullish during the previous weekend, rising by 3.19% on Saturday and then registering a marginal increase on Sunday to settle at $151.19. However, the 20-day SMA came into play at this level, and LTC dropped by 1.76% on Monday, dropping to $148.53. The price continued to drop, falling to $146.45 on Tuesday, a drop of 1.40%. Wednesday saw a significant drop, as LTC fell by nearly 8% and settled at $135.35.
Image: LTC/USD daily
Despite the overall bearish sentiment, the Litecoin price pushed up marginally on Thursday. However, the price was back in the red on Friday, falling by 3.59% and settling at $131.15. The weekend saw the bearish sentiment continue, with LTC falling by 1.20% on Saturday. However, the price recovered on Sunday, rising by 1% and ending the weekend at $130.86. The current session sees LTC back in the red, with the price currently at $134.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $130.18. At this price level, over 126,000 addresses have sold 4.6 million LTC.
The 4-hour Litecoin price chart shows us that LTC had registered a sharp drop on the 6th, dropping to $133.98. The price registered a marginal recovery from this level, rising to $137.25, before falling to $130.16 on the 7th. LTC was able to register a gradual increase from this level, rising to $134.37 on the 8th. The 20-bar SMA came into play as resistance at this level, and the price fell to $127.06. The price registered a marginal increase from this level, rising to $130.50 and then to $132.35, where the 20-bar SMA acted as resistance. As a result, LTC fell back significantly, dropping to its current level of $124.
We can see that the MACD is bullish, but 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 see that LTC has been extremely bearish over the past few sessions, with the current session seeing a significant drop. If the current sentiment persists, we could see LTC drop to $120. However, if the price does recover, we could see it settle at around $125.