- The Litecoin price finds itself down by just over 1% during the ongoing session, with the price still below $200.
- LTC has been quite bearish lately and had dropped by almost 12% on Friday.
The Litecoin price failed to push above $200 over the weekend, with sellers taking control of the ongoing session and pushing the price down marginally. LTC had registered a significant drop on Friday, as the price dropped by 11.98%, slipping below the 50-day SMA and settling at $196.25. LTC remained bearish on Saturday, as it registered a marginal fall of 0.47% before recovering and rising by 2.21% and settling at $199.65.
Litecoin Price Chart Indicates LTC Could Drop To $195
The Litecoin price was quite positive at the start of the previous weekend, registering an increase of over 4%. With the 20-day SMA coming into play as resistance, the price dropped on Sunday, falling by over 2% and settling at $221.88. The price remained bearish on Monday, dropping by almost 6% to $209.31 before recovering on Tuesday and moving up to $216.36. Despite the increase on Tuesday, the price fell back on Wednesday, as sellers pushed LTC down by 1.90% to $212.25.
Image: LTC/USD daily
After dropping to $212.25 on Wednesday, the Litecoin price posted a strong recovery on Thursday, rising by over 5% and moving up to $222.97. On Friday, the price was back in the red, dropping by almost 12%, slipping below the 50-day SMA and $200 and settling at $196.25. The price remained bearish on Saturday, although it registered only a marginal drop. However, it pushed back on Sunday and rose to 4199.65 after rising by over 2%. The current session sees LTC back in the red, with the price marginally down.
We can see that the Parabolic SAR is currently bearish. However, if the price recovers, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $121.05. At this price level, over 144,000 addresses have sold more than 8 million LTC. LTC also has support at around $194. At this price level, over 207,000 addresses have bought almost 6 million LTC.
Image: IntoTheBlock
Looking at the 4-hour Litecoin price chart, we can see that LTC had slipped below the 20 and 200-bar SMAs on the 22nd, with the price dropping to $206.72. With the 200-bar and 20-bar SMAs acting as resistance, the price could not push past this level until the 24th, when it pushed past all three SMAs and moved up to $226.83. However, LTC turned bearish at this point, and the price dropped significantly, falling below all three SMAs and settling at $191.05. LTC rose marginally to $198.10 but could not push beyond this level and dropped to $189.88 before rising to its current level of $198.
We can see that the MACD has flipped to bullish, indicating that the price could push up 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 has fallen back during the ongoing session. LTC has support at this level, so if sellers fail to pierce this level, we could see the price rise and push above $200.