- The Litecoin price has registered a marginal recovery during the ongoing session.
- LTC had registered a sharp drop on Tuesday, falling by nearly 7% and settling at $145.72.
The Litecoin price has registered a marginal increase during the ongoing session, as buyers look to push LTC back above $150. LTC had started the week registering a marginal increase on Monday. However, the price fell back in a drastic fashion on Tuesday, dropping by 6.61%, slipping below the 20-day SMA and settling at $145.72. On Wednesday, LTC remained in the red before pushing up during the ongoing session.
Litecoin Price Analysis Indicates LTC Could Push To $150
The Litecoin price registered a marginal drop on Monday, as it started the previous week in the red. LTC recovered on Tuesday, rising by 1.50% and settling at $155.01, before registering another increase on Wednesday to settle at $155.45. Thursday saw LTC post a significant increase, as the price pushed above the 20-day SMA and settled at $163.65, an increase of over 5%. However, despite the bullish sentiment, the price fell back on Friday, dropping by 1.47% and settling at $161.25.
Image: LTC/USD daily
The Litecoin price remained in the red over the weekend, dropping by 2.06% on Saturday and dropping to $157.92. Sunday saw LTC drop further, falling to $155.80 and ending the weekend on a bearish note. The price pushed up marginally on Monday, registering a marginal increase. However, the price fell back on Tuesday, falling by nearly 7%, slipping below the 20-day SMA and settling at $145.72. LTC remained in the red on Wednesday before pushing up during the current session.
The Parabolic SAR is currently bearish, but if the price continues to push up, we could see it flip to bullish.
IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC faces strong resistance at around $151.77. At this price level, over 369,000 addresses have sold more than 7.6 million LTC.
Looking at the 4-hour Litecoin price chart, we can see that LTC had slipped below the 20-bar SMA on the 26th, falling to $157.92. The price continued to drop, slipping below the 50-bar SMA and settling at $153.74. With the 50-bar SMA now acting as resistance, LTC could not move past this level until the 27th, when the price rose to $159.24. However, the price fell back after reaching this level, slipping below the 20 and 50-bar SMAs and setting at $145.84 on the 29th. LTC pushed up to $149.93 but then dropped to $144.97 before rising to its current level of $149.
We can see that the Parabolic SAR and MACD have both flipped to bullish, indicating that the price could push higher.
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 recovered during the current session. If the current sentiment persists, we could see LTC test the resistance at $151.