- The Litecoin price has registered a drop during the current session and is down by over 1%.
- LTC had been quite bearish during the week and had pushed up by nearly 8% on Wednesday.
The Litecoin price has registered a marginal drop during the ongoing session, as sellers look to push the price down below $140. LTC has been quite bullish during the week, although it had started Monday in the red, falling by over 3% and dropping to $126.61. However, the price pushed back up from this level, rising nearly 4% on Tuesday and surging by nearly 8% on Wednesday to settle at $142.02. However, with the 20-day SMA coming into play as resistance at this level, the price fell back during the current session.
Litecoin Price Chart Indicates LTC Could Slip Below $140
The Litecoin price started the previous week on a bearish note, dropping by nearly 2% on Monday and falling to $140.94. The price continued to drop from this level, dropping by 1.40% on Tuesday and then registering a sharp fall of nearly 8% on Wednesday that saw the price drop to $135.35. Despite the bearish sentiment, LTC could make a marginal recovery on Thursday but fell back in the red on Friday, when the price dropped to $131.53.
Image: LTC/USD daily
The Litecoin price continued to drop over the weekend, dropping below the $130 level on Saturday when it fell to $129.56. However, LTC recovered on Sunday, rising by 1.02% and moving back to $130. Monday saw LTC back in the red as sellers forced the price back down by 3.26%, with the price dropping to $126.61. On Tuesday, the price made a strong recovery, rising by $131.64 and then rising by nearly 8% on Wednesday, pushing above $140 and settling at $142.02. At this level, the 20-day SMA was acting as resistance, and the price fell back, dropping to $140 during the ongoing session.
We can see that the Parabolic SAR is currently bullish, indicating that we could see the price push higher.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $147.67. At this price level, over 196,000 addresses have sold more than 7.4 million LTC.
Image: IntoTheBlock
The 4-hour Litecoin price chart shows us that LTC had registered a sharp drop on the 8th, falling to $127.06. The price pushed back up from this level, rising to $130.50 and then pushing to $132.35. At this level, the 20-bar SMA came into play as resistance, and LTC fell back, dropping to $130.88 and then falling to $124.50 on the 10th. LTC made a strong recovery from this level, as the price pushed to $129.31, where the 20-bar SMA acted as resistance. LTC was able to push past the 20-bar SMA on the 11th when it rose to $131.69. The price continued to be bullish as it surged past the 50-bar SMA on the 20th and rose to $142.02. The price fell back from this level, registering a marginal drop, before moving to its current level of $140.
We can see that the MACD and Parabolic SAR are both bullish, indicating that the price could push higher.
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 marginal drop during the current session, thanks to the 20-day SMA acting as resistance. If the current market sentiment persists, we could see LTC slip below $140, but if buyers retake the session, we could see the price push back to $142.