- The Litecoin price is up by over 5% during the ongoing session, as buyers pushed the price up significantly.
- LTC had been quite bearish during the previous week and had dropped by over 6% on Friday.
The Litecoin price is up significantly during the ongoing session, as buyers pushed LTC above $130. LTC was mixed over the weekend, registering an increase of 1.04% on Saturday, moving to $128.30 before dropping over 2% on Sunday to $125.65. The current week started with the bearish sentiment persisting, as LTC registered a marginal drop on Monday before pushing up significantly during the ongoing session.
Litecoin Price Chart Indicates LTC Could Push Towards $135
The Litecoin price started the previous weekend on a relatively bullish note, registering a marginal increase on Saturday before pushing up by nearly 5% on Sunday to end the weekend at $127.69. The bullish sentiment persisted on Monday, as LTC pushed above the 50-day SMA and rose to $137.35 before dropping back on Tuesday and falling to $133.95, where the 50-day SMA acted as support. As a result, LTC recovered on Wednesday, rising by nearly 5% and moving to $140.19.
Image: LTC/USD daily
After pushing up to $140 on Wednesday, the Litecoin price fell back on Thursday, dropping by nearly 4% and falling to $135.10. Friday saw LTC continue to drop, as the price fell by over 6%, slipping below the 50-day SMA and falling to $126.98, before registering a slight recovery on Saturday and rising to $128.30. However, LTC fell back on Sunday, ending the weekend down by over 2% at $125.65. Monday saw LTC remain in the red, as it registered a marginal increase before pushing up significantly during the ongoing session.
We can see that the MACD is currently bullish, indicating that we could see the price push higher.
IntoTheBlock’s IOMAP for the Litecoin price shows that LTC faces strong resistance at around $148.97. At this price level, over 193,000 addresses have sold more than 4 million LTC. LTC also has strong support at $125.37, where over 230,000 addresses have bought more than 3 million LTC.
The 4-hour Litecoin price chart shows us that LTC had pushed up to $138.61 on the 9th. The price continued to push higher from this level, rising to $142.15. However, after reaching this level, LTC fell back, dropping below the 20-bar SMA and falling to $134.16. The price continued to drop from this level, falling to $130.45 on the 11th, before dropping below the 50-bar SMA and dropping to $124.84. At this level, the 200-bar SMA acted as support, allowing LTC to remain at this level for the next few sessions. LTC slipped below the 200-bar SMA on the 14th, falling to $122.34 before recovering, pushing above the 200 and 20-bar SMAs and moving to its current level of $130.
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
Despite the overall bearish sentiment, the Litecoin price chart shows us that LTC has made a fairly strong recovery during the ongoing session. If LTC maintains the current sentiment, we could see LTC push towards $135. However, if bearish sentiment drives the price down, we could see LTC slip below $130.