- The Litecoin price has been in the red all week and slumped below $110 on Saturday.
- LTC had registered a significant drop on Friday, falling by nearly 12% to $114.
The Litecoin price continued to drop during the current session and is presently at $106, as sellers continued to dominate the market. LTC has been extremely bearish in recent sessions and had dropped by nearly 5% on Thursday, dropping to $129.86. Friday saw LTC register a drop of nearly 12%, dropping to $114.70. The weekend saw the bearish sentiment continue, as the price fell to $108.44 on Saturday.
Litecoin Price Chart Indicates LTC Could Drop To $105 Before Possible Recovery
The Litecoin price started the previous week on a fairly positive note, rising by 0.94% on Friday. LTC remained bullish over the weekend, as it rose by over 7% on Saturday before registering a marginal drop on Sunday and ending the weekend at $146.52. Monday saw LTC back in the green as it rose by 3.23%, pushed past the $150 level, and settled at $151.25. However, the 50-day SMA came into play as resistance at this level, and LTC fell back on Tuesday, falling over 6% and settling at $141.53.
Image: LTC/USD daily
The Litecoin price continued to drop on Wednesday, falling to $136.24 after registering a drop of nearly 4%, and then falling by nearly 5% on Thursday, slipping below the $130 level and settling at $129.86. Friday saw LTC register a significant drop of almost 12%, settling at $114.70 and then falling to $108.44 on Saturday. The current session sees LTC still in the red, but it has made a marginal recovery and pushed up to $107.
We can see that the Parabolic SAR is currently bearish, but if LTC is able to recover, it could flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $120.88. At this price level, over 99,000 addresses have sold more than 3 million LTC.
The 4-hour Litecoin price chart shows us that LTC had pushed up to $151.57 on the 17th. LTC was able to stay at this level for the next few sessions, with the 20 and 200-bar SMAs acting as support. However, the price dipped below the two SMAs on the 18th, when it dropped to $142.06. LTC then fell below the 50-bar SMA, dropping to $133.91, gradually rising to $142.17 from this level. However, with the 20 and 50-bar SMAs acting as resistance. LTC fell back, dropping to $122.36 on the 21st, then dropping to $105.80 on the 22nd, before gradually rising to its current level of $107.
We can see that the MACD and Parabolic SAR have flipped to bullish, indicating that the price could push up higher.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows us that LTC has been incredibly bearish over the past week and remains in the red during the ongoing session. However, LTC has managed to post a marginal recovery, and we could see LTC push to $110.