- The Litecoin price is marginally down during the ongoing session, as buyers look to push LTC further.
- LTC had been quite bearish in recent sessions and had dropped by over 6% on Friday.
The Litecoin price is down by almost 1% as sellers look to push the price towards $120. LTC has been quite bearish and had registered a drop of almost 4% on Thursday, falling to $135.10. LTC continued to drop from this level, falling below the 50-day SMA on Friday, falling to $126.98. Despite the prevailing bearish sentiment, LTC registered a recovery on Saturday, rising by just over 1% before falling back during the current session.
Litecoin Price Chart Indicates LTC Could Slip Below $125
The Litecoin price was extremely bullish during the previous weekend and had surged by over 9% on Friday, pushing above the 20-day SMA and settling at $121.45. LTC remained bullish over the weekend, registering a marginal increase on Saturday and then rising by almost 5% on Sunday to end the weekend at $127.69. On Monday, LTC registered a significant increase, rising by nearly 8%, pushing above the 50-day SMA and rising to $137.35. However, the price fell back after reaching this level, dropping by 2.48% and settling at $133.95.
Image: LTC/USD daily
The Litecoin price made a strong recovery on Wednesday, thanks to the 50-day SMA acting as support, rising by nearly 5% and settling at $140.19. LTC fell back from this level, dropping by 3.63% on Thursday and then dropping below the 50-day SMA on Friday, dropping to $126.98. The weekend saw LTC recover, as the price rose by just over 1% on Saturday. The current session sees buyers and sellers struggling to establish control, with LTC marginally up. We can see that the MACD is currently bullish, indicating that we could see the price push higher.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $129.73. At this price level, over 150,000 addresses have sold more than 3.7 million LTC.
Image: IntoTheBlock
The 4-hour Litecoin price chart shows us that LTC had pushed up to $127.69 on the 7th. After reaching this level, LTC remained bullish as the price surged higher, rising to $140.84. The price fell back from this level, dropping to $131.90 on the 8th. At this level, the 20-bar SMA was acting as support, and the price was able to recover, rising significantly and pushing up to $142.15 on the 10th. LTC turned bearish after reaching this level, slipping below the 20-bar SMA and falling to $130.45, and then slipping below the 50-bar SMA and falling to $124.84, where the 200-bar SMA acted as support. As a result, LTC recovered, rising to its current level of $128.
We can see that the MACD and Parabolic SAR are bearish, but if LTC is able to push past $130, we could see them flip to bullish.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
Looking at the Litecoin price chart, we see that LTC has been quite bearish in recent sessions, although it managed to recover on Saturday. The current session sees buyers and sellers struggling to establish control. If buyers can take control, we could see LTC push to $130. However, if sellers control the session, LTC could drop below $125.