- The Litecoin price fell back during the ongoing session, with the price currently down by over 2%.
- LTC has been quite bullish during the week and had pushed up to $208 on Wednesday.
The Litecoin price failed to get past the 50-day SMA, as LTC fell back below $210 to its current level of $204. LTC was quite bullish over the week and had pushed up by over 3% on Monday. The price remained in the green on Tuesday, pushing up by 1.07$. LTC could only register a marginal increase on Wednesday, with the 50-bar SMA coming into play as resistance and fell back during the current session after failing to push past it.
Litecoin Price Chart Indicates LTC Could Drop To $200
The Litecoin price started the previous week on a bearish note, as the price dropped by over 5% and settled at $209.28 on Monday. LTC recovered on Tuesday, rising by 3.38%, but fell back on Wednesday, falling to $212.26, after dropping by almost 2%. The price recovered on Thursday, rising by over 5% and settling at $222.90. However, LTC fell significantly on Friday, as the price fell by over 12%, slipping below the 50-day SMA and settling at $195.94.
Image: LTC/USD daily
After dropping to $195.94 on Friday, the Litecoin price registered a marginal drop on Saturday before pushing up on Sunday, rising by over 2% and settling at $199.65. LTC continued to push up from this level, rising by over 3% on Monday and settling at $205.73. On Tuesday, the price pushed further, rising to $207.93 and then registering a marginal rise on Wednesday, pushing up by 0.48%. However, the price fell back after reaching this level, dropping on Thursday thanks to the 50-day SMA coming into play as resistance.
We can see that the Parabolic SAR has flipped to bullish. However, if the price continues to drop, we could see it flip back to bearish.
IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC faces strong resistance at around $209.40. Over 210,000 addresses have sold more than 8.3 million LTC at this price level.
Image: IntoTheBlock
Looking at the 4-hour Litecoin price chart, we can see that LTC had dropped to $191.51 on the 26th. LTC pushed up marginally from this level, rising to $198.26 before dropping to $189.88 on the 28th. The price pushed up from this level, as it pushed above the 20-bar SMA, rising to $199.88. LTC pushed higher from this level, rising to $206.04, but with the 50-bar SMA acting as resistance, dropped to $201.69 before rising to $215.6, pushing above the 50-bar SMA. However, the 200-bar SMA came into play as resistance at this level, and the price dropped back below the 20 and 50-bar SMAs and settled at its current level of $207.
We can see that the MACD is currently bearish, indicating that the price could drop. However, if the price recovers, we could see it flip to bullish.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows that LTC has fallen during the current session, thanks to the 50-day SMA pushing the price down. If the current sentiment persists, we could see LTC slip towards $200.