- The Litecoin price is marginally down during the ongoing session, with LTC currently at $124.
- LTC has been quite bearish in recent sessions and had slipped below the 50-day SMA on Friday.
The Litecoin price started the week in the red and is currently down by over 1%, as sellers look to push the price lower. LTC had dropped by over 6% on Friday, dropping below the 50-day SMA and falling to $126.98. The price recovered on Saturday, rising by 1.04% before falling back on Sunday, dropping by 2.07% and falling to $125.65. The current session sees LTC at $124, as sellers look to push the price lower.
Litecoin Price Chart Indicates LTC Could Drop To $120
The Litecoin price started the previous weekend on a fairly bullish note, rising by over 9% on Friday, pushing above the 20-day SMA and setting at $121.45. The weekend saw LTC remain bullish, registering a marginal increase on Saturday and then pushing up by nearly 5% on Sunday to end the weekend at $127.69. Monday saw LTC remain bullish, as the price rose by nearly 8%, pushing above the 50-day SMA and moving to $137.35 before dropping back on Tuesday, falling by 2.48% and settling at $133.95, where the 50-day SMA acted as support. As a result, LTC made a strong recovery on Wednesday, rising by nearly 5% and moving to $140.19.
Image: LTC/USD daily
The Litecoin price fell back on Thursday, falling by 3.63% and falling to $135.10. LTC continued to drop on Friday, falling over 6%, slipping below the 50-bar SMA, and falling to $126.98. Saturday saw LTC register a marginal recovery, rising by 1.04%, before dropping back on Sunday and ending the weekend at $125.65. The current session sees LTC at $124, with sellers looking to push the price lower.
We can see that the MACD is currently bullish, but if LTC 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 $125.54. At this price level, over 200,000 addresses have sold more than 2.8 million LTC.
The 4-hour Litecoin price chart shows us that LTC had pushed up to $140.84 on the 8th. LTC fell back significantly from this level, falling to $131.90, where the 20-bar SMA came into play as support. As a result, LTC registered a strong recovery, rising to $142.15on the 10th. LTC registered another significant drop from this level, as LTC fell below the 20-bar SMA and dropped to $133.38. LTC continued to drop from this level as LTC slipped below the 50-bar SMA and dropped to $124.84 on the 12th. At this level, the 200-bar SMA was acting as support, and LTC was able to push up to $128.31 before dropping below the 200-bar SMA and falling to its current level of $124.
We can see that the MACD and Parabolic SAR are both 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 has been quite bearish in recent sessions. If the current sentiment continues, we could see LTC drop to $120 or even below that level.