- The Litecoin price registered a sharp drop during the ongoing session, falling to $140.
- LTC was relatively bullish during the previous week, rising to $151.25 on Monday, but could not move past the 50-day SMA.
The Litecoin price is currently down over 7% during the ongoing session, as sellers drove LTC down significantly after it failed to move past the 50-day SMA. LTC was fairly bullish over the weekend, rising above the 20-day SMA on Friday and moving to $144.69. The price continued to move higher on Saturday, rising to $147.74, but fell back on Sunday, registering a marginal drop and ending the weekend at $146.51. On Monday, the price recovered, rising to $151.25, before dropping back during the ongoing session.
Litecoin Price Chart Shows LTC Dropping Below $140
The Litecoin price started the previous weekend in the red, dropping by 1.20% on Saturday before recovering on Sunday and rising to $130.86, an increase of 1%. The price fell back on Monday, dropping over 3% and falling to $126.61, before recovering on Tuesday and rising to $131.64, registering an increase of almost 4%. LTC continued to push higher on Wednesday, rising by almost 8% and moving to $142.02. However, with the 20-day SMA acting as resistance at this level, the price fell back, dropping to $136.73 on Thursday.
Image: LTC/USD daily
After dropping to $136 on Thursday, the Litecoin price made a strong recovery on Friday, pushing above the 20-day SMA and rising to $144.69. The weekend saw LTC continue to move higher on Saturday, rising over 2% and settling at $147.74. However, the price fell back in the red on Sunday, registering a marginal drop and falling to $146.51. LTC registered an increase of 3.23% on Monday, starting the week on a bullish note, but fell back during the ongoing session, thanks to the 50-day SMA acting as resistance.
We can see that the MACD is bullish, but if LTC continues to drop, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $146.20. At this price level, over 231,000 addresses have sold more than 8 million LTC.
The 4-hour Litecoin price chart shows us that LTC had pushed up to $142.02 on the 13th before dropping back and falling to $135.88. The price made a strong recovery from this level, rising to $147.74 and then pushing above the 200-bar SMA and settling at $150.26. The price fell back from this level, going below the 200-bar SMA and settling at $144.82. With the 20-bar SMA coming into play as support, the price pushed back up from this level, moving back above the 200-bar SMA and moving to $151.52. However, LTC could not stay at this level and fell back, dropping below the 20 and 200-bar SMAs and settling at its current level of $140.
We can see that the MACD and Parabolic SAR are both bearish, indicating that the price could drop further.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price chart, we can see that LTC had registered a sharp drop during the ongoing session. If the current bearish sentiment persists, we could see LTC drop to its support level of $137.