- The Litecoin price is currently down by over 4%, as sellers dominate the market.
- LTC has been quite bearish in recent sessions and had dropped by almost 9% on Thursday.
The Litecoin price remained in the red during the current session, as it dropped to $110. LTC had registered a sharp drop on Thursday as it dropped below the 20-bar SMA, falling to $116,37. LTC remained bearish on Friday, dropping by 1.25%, before registering a marginal recovery on Saturday, rising to $115.63. However, the current session sees LTC back in the red, down by over 4%.
Litecoin Price Chart Indicates LTC Could Drop Below $110
The Litecoin price started the previous weekend in the red, dropping below the 50-day SMA on Friday. The price recovered over the weekend, rising by 1.04% on Saturday, before dropping over 2% on Sunday to end the weekend at $125.67. Monday saw the bearish sentiment persist, as LTC registered a marginal drop before recovering on Tuesday, rising above the 50-day SMA and settling at $131.71. However, on Wednesday, LTC was back below the 50-day SMA, dropping to $127.75.
Image: LTC/USD daily
The Litecoin price registered a significant drop on Thursday, as the price fell by almost 9%, dropping below the 20-bar SMA and falling to $116.37. Friday saw the bearish sentiment persist, as the price dropped by 1.25%, falling to $114.92. Despite the bearish sentiment, LTC was able to register a marginal recovery on Saturday before falling back during the current session and falling to $110.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
IntoTheBlock’s IOMAP for the Litecoin price shows that LTC faces strong resistance at around $119.16. At this price level, over 170,000 addresses have sold more than 3.8 million LTC.
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The 4-hour Litecoin price chart shows us that LTC had pushed up to $131.17 on the 15th. LTC could not move past this level as the 50-bar SMA was acting as resistance, and the price fell back, dropping to $127.75 on the 17th. LTC continued to be in the red and dropped below the 20 and 200-bar SMAs, falling to $116.36 before registering a marginal recovery and moving to $118.35. However, the overall sentiment remained bearish, as LTC dropped to $113.62 and then fell to its current level of $110.
We can see that the Parabolic SAR and MACD 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 see that LTC has been extremely bearish during the week and is down by almost 5% during the current session. If the current sentiment persists, we could see LTC drop below $110.