- The Litecoin price registered a sharp fall during the current session, recording a drop of over 11%.
- LTC was quite bullish over the weekend and had pushed up to $279.30 on Sunday.
The Litecoin price continued to remain bearish during the current week, as sellers retained control of the current session, with the price dropping below $240. However, LTC was quite bullish over the weekend as it pushed up by 2.57% on Saturday. Sunday saw an even bigger increase, with LTC pushing up to $279.30 after registering an increase of over 8%. However, the price was back in the red on Monday, as LTC dropped by almost 6% to settle at $262.93.
Litecoin Price Chart Indicates LTC Could Drop Below $230
The Litecoin price started the previous weekend on a bearish note, as it registered a marginal drop on Saturday before recovering on Sunday and settling at $202.15. The bullish sentiment persisted on Monday, as LTC pushed up by over 13%, settling at $229.01. Tuesday saw an even more significant increase, with LTC rising by 14.42% and moving up to $262.03. However, LTC registered a marginal drop on Wednesday before recovering and settling at $262.40 on Thursday despite the bullish sentiment.
Image: LTC/USD daily
After pushing up to $262.40 on Thursday, the Litecoin price registered a sharp fall on Friday, as it dropped by 4.24% and settled at $251.28. However, the price recovered over the weekend, as LTC rose by 2.57% on Saturday and then by over 8% on Sunday to end the weekend at $279.30. Despite the bullish weekend, the current week started in the red for LT, as the price dropped by almost 6% on Monday. The current session sees LTC down by over 10%.
We can see that the Parabolic SAR has just flipped to bearish, indicating a further price drop. If the price continues to drop, we could see the MACD flip to bearish as well.
IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC has strong support at around $210.76. At this price level, over 45,000 addresses have bought over 6 million LTC. LTC also faces resistance at around $264.12. At this price level, more than 130,000 addresses have sold over 4 million LINK.
Image: IntoTheBlock
Looking at the 4-hour Litecoin price chart, we can see that LTC had surged to $287.81 on the 10th. However, the price fell back from this level, dropping to $250.60. LTC pushed up marginally from this level before dropping to $262.39, where the 20-bar SMA was acting as support. As a result, the price rose to $275.73 before slipping below the 20-bar SMA and settling at $246.67. LTC pushed up to $245.13 but could not push past the 20-bar SMA. The price stayed at this level for the next few sessions before pushing past the 20-bar SMA on the 14th, rising to $266.02. However, the price fell into the red after reaching this point, as LTC slipped below the 20 and 50-bar SMAs, dropping to its current level of $235.
The Parabolic SAR and MACD are both currently bearish, indicating that the price could drop further.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The 4-hour Litecoin price chart shows us that LTC has fallen significantly during the current session. If the current sentiment continues, LTC could drop to around $225, where the 20-day SMA could support.