- The Litecoin price is down by nearly 3% during the ongoing session, with sellers looking to push the price further down.
- LTC has been quite bearish lately and has been in the red since Friday, managing only a marginal increase on Sunday.
The Litecoin price continued to drop during the current session, as buyers looked to push the price below $150. LTC had registered a significant increase on Thursday before falling back on Friday and dropping to $161.24. The weekend saw LTC remain in the red, dropping to $157.92 on Saturday and then to $155.79 on Sunday. LTC could register only a marginal increase on Monday before falling back in the red during the ongoing session.
Litecoin Price Chart Indicates LTC Could Drop Below $150
The Litecoin price started the previous weekend on a fairly bullish note, registering an increase of over 3% on Saturday and 3.03% on Sunday to end the weekend at $153.34. On Monday, the price fell back, registering a marginal drop, before pushing up on Tuesday and moving to $155.01. Wednesday saw LTC continue to push higher, registering a marginal increase, before rising by over 5% and moving past the 20-day SMA on Thursday and settling at $163.69.
Image: LTC/USD daily
Despite the bullish sentiment prevailing on Thursday, the Litecoin price fell back on Friday, dropping by 1.50% and settling at $161.24. The price continued to drop over the weekend, falling by over 2% on Saturday and settling at %157.92. The price continued to drop on Sunday, falling to $155.79, where the 20-day SMA acted as support. However, LTC was able to register only a marginal increase on Monday before falling to $150 during the ongoing session.
We can see that the Parabolic SAR is bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $152.70. At this price level, over 290,000 addresses have sold more than 5 million LTC.
The 4-hour Litecoin price chart shows us that LTC had pushed up to $153.29 on the 21st. The price continued to push higher from this level, rising to $157.78 before falling back to $154.51. The 20-bar SMA acted as support at this level, and the price surged to $165.68 on the 24th. LTC could not stay at this level and dropped back to $161.03 before dropping below the 20 and 50-bar SMAs and settling at $154.01 on the 26th. With the 50-bar SMA now acting as resistance, LTC could move past this level only on the 27th, rising to $159.24, pushing back above the 20 and 50-bar SMAs before dropping back below the SMAs to its current level of $151.
We can see that the MACD and Parabolic SAR are both bearish, indicating that the price could 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 persists, we could see LTC drop below $150.