- The Litecoin price is currently down by over 1%, as sellers pushed the price down considerably over the past couple of sessions.
- LTC has mostly been in the red during the current week but had registered a strong increase of almost 6% on Tuesday.
The Litecoin price continued to drop during the current sentiment, as bearish sentiment took over the markets. LTC had started the week in the red, dropping by 0.83% on Monday. Tuesday saw LTC register a significant increase, pushing above the 50-day SMA and rising to $131.71. However, Wednesday saw ADA back in the red, as it fell back below the 50-day SMA to $127.75. The current session sees LTC at $125, with sellers controlling the session.
Litecoin Price Chart Indicates LTC Could Drop Towards $120
The Litecoin price was quite bullish during the start of the previous week, rising by almost 8%, moving past the 50-day SMA, and settling at $137.35. The price fell back on Tuesday, falling to $133.95, where the 50-day SMA acted as support. As a result, ADA recovered on Wednesday, rising by almost 5% and moving to $140.19. However, ADA fell back in the red again on Thursday, dropping to $135.10 and then dropping below the 50-day SMA on Friday, dropping to $126.98.
Image: LTC/USD daily
The weekend saw the Litecoin price register a marginal increase on Saturday, rising by 1.04%, before dropping back on Sunday and ending the weekend at $125.67. Monday saw ETH remain in the red, registering a marginal drop before recovering on Tuesday, rising by nearly 6%, pushing above the 50-day SMA, and settling at $131.71. However, LTC fell back on Wednesday, dropping back below the 50-day SMA and then dropping to $125 during the current session.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Litecoin price shows that LTC faces strong resistance at around $127.85. At this price level, over 243,000 addresses have sold more than 4 million LTC.
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Image: IntoTheBlock
The 4-hour Litecoin price chart shows us that LTC had pushed up to $142.15 on the 10th. The price fell back from this level, dropping below the 20-bar SMA and falling to $133.38. LTC continued to drop from this level, falling below the 50-bar SMA on the 12th and dropping to $124.84. At this level, the 200-bar SMA was acting as support, and LTC was able to stay at this level, marginally rising to $128.31 before dropping to $124.34 and then slipping below the 20-bar SMA, falling to $122.34. LTC made a strong recovery from this level, pushing above the 200 and 20-bar SMAs and rising to $131.36. However, with the 50-bar SMA acting as resistance, LTC turned bearish, dropping below the 20-bar SMA and moving to its current level of $125.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows us that LTC has fallen over the past couple of sessions. If the current sentiment persists, we could see LTC drop towards $120. However, if the price can recover, we could see it push back towards $130.
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