- The Litecoin price fell back during the ongoing session and is currently down by over 1%.
- LTC had been quite bullish at the start of the week and had surged by nearly 8% on Monday.
The Litecoin price fell back during the ongoing session, as buyers pushed the price down towards $135 after LTC had hit $140 on Wednesday. LTC had started the week on a bullish note, surging by nearly 8%, pushing past the 50-day SMA, and settling at $137.34. The price fell back on Tuesday, dropping by over 2%, before recovering on Wednesday and rising to $140. The current session sees LTC back in the red, as sellers drive the price down.
Litecoin Price Chart Indicates LTC Could Drop Towards $135 If Sellers Retain Control
The Litecoin price started the previous weekend by registering a marginal increase on Monday, rising by 0.84%. Tuesday saw the price push higher, rising by over 5% and settling at $115.12, before dropping back on Wednesday, falling by nearly 6% and dropping to $108.40. However, LTC was able to recover from this level, as it rose by 2.31% on Thursday and then surged by 9.50% on Friday, pushing past the 20-day SMA and moving to $121.45.
Image: LTC/USD daily
The weekend saw the Litecoin price remain in the green as it registered a marginal increase on Saturday before pushing up by nearly 5% on Sunday to end the weekend at $127.69. Monday saw LTC continue to push higher, with the price surging by nearly 8%, going above the 50-day SMA and moving to $137.34. The price fell back on Tuesday, falling to $133.95, where the 50-day SMA acted as support. As a result, the price recovered on Wednesday, rising by 4.52% and moving to $140 before dropping back during the current session.
We can see that the MACD is currently bullish, indicating that we could see the price recover from its current level.
IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $148.56. At this price level, over 208,000 addresses have sold more than 4.2 million LTC.
The 4-hour Litecoin price chart shows us that LTC had pushed up to $111.90 on the 4th, pushing above the 20 and 50-bar SMAs. LTC continued to push higher from this level, as it surged to $123.42 on the 5th. LTC continued to push higher from this point, as it went past the 200-bar SMA and surged to $140.84 on the 8th. LTC fell considerably from this level, dropping down to $131.90, where the 20-bar SMA came into play as support. As a result, LTC pushed up significantly, rising to $140.10 and then dropping to its current level of $138.
We can see that the MACD and Parabolic SAR are bearish, but if LTC continues to push higher, we could see them flip to bullish.
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 dropped off during the ongoing session, although the price has registered a marginal recovery and pushed up to $138. If sellers retain the session, we could see LTC drop towards $135. However, if the price recovers, LTC could push towards $140.