- The Litecoin price was unable to push to $160 on Saturday, despite registering an increase of over 6%.
- The current session sees LTC back in the red, with the price down by over 1%.
The Litecoin price has fallen back during the ongoing session, as sellers look to push the price down towards $150. LTC had registered a sharp drop towards the end of the week, dropping over 8% on Thursday, falling to $151.46. The price continued to drop on Friday, falling by 1.99%, before rising on Saturday and moving up to $158.04, registering an increase of over 6%.
Litecoin Price Chart Indicates Sellers Looking To Drive Price To $150
Thanks to the crypto market crash, the Litecoin price was extremely bearish over the previous weekend. LTC had registered a drop of 7.64% on Friday and then slipped below the 200-day SMA on Saturday when it fell by over 13% and settled at $162.96. LTC remained bearish on Sunday, as it dropped to $156.30, dropping by almost 4%. Monday saw LTC post a recovery, as it rose by 3.18%, moving to $161.58 before another marginal increase on Tuesday saw the price rise to $162.
Image: LTC/USD daily
The Litecoin price continued to push higher on Wednesday, rising by almost 2% and moving up to $165.20. However, after reaching this level, the price turned bearish, falling by over 8% on Thursday, and slipping to $151.46. Friday saw LTC continue to drop, as it fell below $150 to $148.45. However, the weekend saw LTC recover, as the price rose by over 6% and settled at $158.04. However, the current session sees LTC back in the red, with the price down to $156.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $153.54. At this price level, over 169,000 addresses have bought over 2.8 million LTC. LTC also faces resistance at $172.52. At this price level, over 150,000 addresses have sold more than 2.3 million LTC.
The 4-hour Litecoin price chart shows us that LTC had dropped to $147.34 on the 6th. LTC pushed up significantly from this level, rising above the 20-bar SMA and settling at $161.53. LTC was able to stay at this level for the subsequent few sessions, thanks to the 20-bar SMA acting as support until LTC finally dipped below the SMA on the 9th and dropped to $155.54. LTC fell further from this level, slipping below $150 and settling at $148.45 on the 11th before pushing back above the 20-bar SMA to its current level of $156.
We can see that the MACD and Parabolic SAR are both bullish, indicating that we could see the price push higher.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows us that although LTC has dropped back during the ongoing session, the price has support at around $153, so there is a chance that LTC could recover from this level and push towards $160.