- The Litecoin price dropped nearly 6% on Wednesday, as sellers drove the price down significantly.
- The current session sees LTC marginally down as buyers and sellers struggle to retain control.
The Litecoin price slipped below the $110 level again as sellers drove the price down considerably on Wednesday. LTC had started the week on a fairly positive note, rising by 0.84% on Monday and moving to $109.62. On Tuesday, the price continued to push higher, rising over 5% and moving to $115.12. However, the price fell back on Wednesday, dropping nearly 6% and falling to $108.40, before dropping further during the ongoing session.
Litecoin Price Chart Indicates LTC Could Drop To $105
The Litecoin price was firmly in bearish territory at the start of the previous week, dropping by 2.40% on Monday and falling to $109.67. The price continued to drop on Tuesday, dropping to $107.85, and then fell to $106.99 on Wednesday, registering a drop of 0.80%. LTC registered a marginal increase on Thursday before pushing up by 2.26% on Friday and moving to $109.46.
Image: LTC/USD daily
The Litecoin price continued to push up over the weekend, rising by 1.28% on Saturday and moving to $110.86, before dropping back on Sunday and falling to $108.70, ending the weekend on a bearish note. Monday saw LTC recover as the price pushed up by 0.84%, rising to $109.62. LTC continued to push higher on Tuesday, rising by over 5% and moving to $115.12, before registering a drop of nearly 6% and falling to $108.40 on Wednesday. The current session sees LTC marginally down, as sellers look to push the price down to $105.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $106.92. At this price level, over 96,000 addresses have bought more than 2.8 million LTC. LTC also faces strong resistance at around $112.60, where over 93,000 addresses have sold more than 2.7 million LTC.
Image: IntoTheBlock
The 4-hour Litecoin price chart shows us that LTC had surged to $111.65 on the 26th. The price fell back from this level, dropping below the 20-bar SMA and falling to $104.21.The price recovered from this level, pushing up to $108.30 on the 27th. At this level, the 20-bar SMA was acting as resistance, and LTC could move past this level only on the 29th, pushing past the 20 and 50-bar SMAs and moving to $111.58 on the 30th. After reaching this level, the price fell back, slipping below the 20 and 50-bar SMAs and falling to $105.81. LTC was able to register a strong recovery from this level, as it surged past the 20 and 50-bar SMAs, rising to $115.12, before falling back below the SMAs and dropping to its current level of $108.
We can see that the MACD and Parabolic SAR are both currently bearish, indicating that we could see the price 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 dropped considerably on Wednesday and continues to be in the red during the ongoing session. If the current sentiment persists, we could see LTC drop to $105. However, if LTC can recover, we could see the price push back to $110.