- The Litecoin price registered a sharp drop during the current session, with the price currently down by over 4%.
- LTC had started the current week on an extremely bearish note, registering a drop of over 5%.
The Litecoin price is currently down by over 4%, as sellers look to push below $200. LTC has been bearish since Sunday when the price had registered a drop of 2.46%. The current week started in a similar fashion, with sellers pushing the price down by 5.47% on Monday, as LTC dropped to $209.28. Tuesday saw LTC post a strong recovery, as the price pushed up to $216.36 before falling back on during the current session.
Litecoin Price Chart Indicates LTC Could Drop To $200
The Litecoin price started the previous week on an extremely bearish note, as the price dropped by almost 6% on Monday. Tuesday saw a staggering drop of 12.35%, as LTC dropped to $230.46. The price remained in the red on Wednesday, slipping below the 20-day SMA on Thursday after registering a drop of over 11%. Despite the prevailing bearish sentiment, LTC made a strong recovery on Friday, as the price pushed back by almost 7% and settled at $218.17.
Image: LTC/USD daily
After rising to $218.17 on Friday, the Litecoin price continued to push up on Saturday, rising by over 4% and moving to $226.97. However, the price fell back on Sunday, as LTC dropped to $221.39. Monday saw LTC drop further, with the price falling by 5.47% and settling at $209.28. LTC made a strong recovery on Tuesday, pushing up by 3.38% and settling at $216.36 before falling back during the current session. The current session sees LTC at $207, with the 50-day SMA acting as support.
We can see the Parabolic SAR is currently bearish, indicating that the price could drop below the 50-day SMA.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $215.11. At this price level, over 124,000 addresses have sold 9.2 million LTC.
The 4-hour Litecoin price chart shows us that LTC had dropped to $202.07 on the 19th after slipping below the 200-bar SMA. The price made a strong recovery from this level, as it rose to $223.92, pushing above the 200 and 20-bar SMA. The price dropped to $214.99 but recovered the very next session, rising to $225.60. With the 20-bar SMA acting as support, LTC could stay at this level for the subsequent few sessions before dropping to $215.20, slipping below the 20-bar SMA. LTC fell further from this level, as it dropped to $206.72, slipping below the 200-bar SMA on the 22nd. The price rose to $216.35 but could not push past the 200-bar SMA and dropped to the current level of $206.
We can see that the MACD is currently 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 registered a significant fall during the ongoing session. If the current sentiment persists, we could see LTC slip below the 50-day SMA and settle at around $200.