- The Litecoin price is up by almost 3% during the ongoing session, as buyers return to the market.
- LTC had been relatively bearish during the previous week and had dropped to $110.58.
The Litecoin price started the new week on a bullish note and is up to $113 during the ongoing session. LTC has been fairly bearish and had dropped by 1.25% on Friday before registering a marginal recovery on Saturday and settling at $115.63. However, Sunday saw LTC back in the red, as the price fell by over 4%, dropping to $110.58, before recovering during the ongoing session.
Litecoin Price Chart Indicates LTC Could Push To $115
The Litecoin price was quite bearish over the previous weekend, dropping below the 50-day SMA on Friday and settling at $126.98. The price recovered on Saturday, rising by 1.04%, before dropping back on Sunday and ending the weekend at $125.67. Monday saw LTC continue to drop, as it registered a marginal drop, before making a strong recovery on Tuesday, rising by almost 6%, moving back above the 50-day SMA, and settling at $131.71. However, the price fell back on Wednesday, dropping by 3%, slipping back below the 50-day SMA and settling at $127.75.
Image: LTC/USD daily
The Litecoin price remained in the red on Thursday as it dropped below the 20-day SMA, registering a fall of almost 9%. Friday saw a fairly volatile session at the end of which LTC fell by 1.25% before recovering on Saturday and settling at $115.63. On Sunday, LTC was back in the red, dropping by over 4% and falling to $110.58 before recovering during the ongoing session.
We can see that the MACD is currently bearish, but if LTC can push higher, it could flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $115.29. At this price level, over 126,000 addresses have sold more than 3 million LTC.
More On Litecoin: What Might Happen If You Invest $100 In Litecoin (LTC) Today?
The 4-hour Litecoin price chart shows that LTC had pushed up to $131.71 on the 16th. At this level, the 50-bar SMA was acting as resistance, and LTC fell back, dropping to $127.39. The price continued to drop further, as it slipped below the 20-bar SMA and fell to $123.66, where the 200-bar SMA acted as support. LTC continued to drop from this level, falling to $116.36, before recovering to $118.35 on the 18th. LTC turned bearish again after reaching this level, falling to $113.62 and then to $110.41 on the 20th. The price made a fairly strong recovery from this level and moved to its current level of $113.
We can see that the Parabolic SAR is 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 that LTC has made a fairly strong recovery during the ongoing session. If bullish sentiment persists, we could see LTC push towards $115. However, if selling pressure forces the price down, LTC could drop towards $110.