- The Litecoin price continued its bearish streak, as it slipped below $130 on Saturday.
- LTC has been bearish all week and had registered a significant drop of nearly 8% on Wednesday.
The Litecoin price continued to drop during the current session, with LTC slipping below $130 over the weekend. The price had dropped by over 7% on Wednesday, as it fell to $135.26. Despite the bearish sentiment, the price recovered marginally on Thursday before dropping back in the red on Friday, falling to $131.15. The weekend saw LTC continue to drop, falling by 1.20% on Saturday and falling to $129.57, and slipping below the $130 mark.
Litecoin Price Chart Indicates Buyers And Sellers Struggling For Control
The Litecoin price had started the previous weekend on a fairly positive note, as it rose by over 3% and moved to $150.78. Sunday saw LTC register a marginal increase before falling back on Monday, dropping by nearly 2% and settling at $148.53. LTC continued to drop on Tuesday, falling by 1.42%, before falling by almost 8% on Wednesday and dropping to $135.26.
Image: LTC/USD daily
After dropping by nearly 8% on Wednesday, the Litecoin price registered a marginal increase on Thursday, rising by 0.57%. However, the price fell back in the red on Friday, dropping by nearly 4% and settling at $131.15. The weekend saw LTC fare no better, as the price fell by 1.20% on Saturday, dropping below the $130 level and settling at $129.57. The current session sees LTC marginally down as buyers and sellers struggle to take control of the session.
The bearish MACD and Parabolic SAR indicate that LTC could drop further.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $147.22. At this price level, over 199,000 addresses have sold more than 7 million LTC.
Looking at the 4-hour Litecoin price chart, we can see that LTC had registered a sharp drop on the 5th when it dropped to $142.62. LTC continued to drop from this level, dropping to $133.98 on the 6th. The price pushed back up, as it rose to $137.25 on the 6th, before turning bearish and dropping to $130.16. LTC made another recovery from this level, rising to $134.37 on the 8th. However, the 20-bar SMA came into play at this level, acting as resistance. As a result, LTC fell back, dropping to $127.08, and then moved to its current level of $129.
We can see that the MACD has flipped to bullish, but if the price continues to drop, we could see it flip back to bearish.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows us that LTC has been extremely bearish over the course of the week, although LTC has registered a marginal recovery during the current session. If buyers manage to retain control of the session, we could see LTC push back above $130. However, if sellers retake the session, LTC could drop towards $125.