- The Litecoin price too fell on Monday, dropping by over 9%.
- The current session has seen a relatively strong recovery, as the price looks to test the $150 level.
The Litecoin price got off to a highly bearish start to the week, as it dropped by over 9% and fell to $144.61. LTC was quite bullish over the weekend, as it registered an increase of over 6% on Saturday, rising to $158.04. LTC remained in the green on Sunday as it registered a marginal increase, ending the weekend at $159.14. However, the price fell back on Monday, as LTC dropped by over 9%, slipping below $150 and settling at $144.61.
Litecoin Price Chart Indicates LTC could Test $150
The Litecoin price started the previous week on a positive note, rising by over 3% on Monday and moving to $161.58. On Tuesday, LTC remained in the green, registering a marginal increase, before rising by almost 2% on Wednesday and settling at $165.20. However, after reaching this level, LTC fell drastically on Thursday, falling by over 8% and settling at $151.46. Friday saw LTC slip below $150, as it dropped by 1.99% and settled at $148.45.
Image: LTC/USD daily
After slipping below $150 on Friday, the Litecoin price posted a strong recovery on Saturday, rising by over 6% and moving to $158.04. LTC remained in the green on Sunday, rising by 0.70% and ending the weekend at $159.14. Despite the bullish weekend, LTC fell back on Monday, dropping by over 9% and settling at $144.61, before recovering during the ongoing session.
We can see that the Parabolic SAR is currently bearish, indicating a price drop. However, if the price recovers, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC faces strong resistance at around $159.37. At this price level, over 149,000 addresses have sold more than 3.6 million LTC.
Looking at the 4-hour Litecoin price chart, we can see that LTC had pushed up to $165.02 on the 7th. With the 20-bar SMA acting as support, LTC was able to stay above this level until the 9th, when it dropped below the 20-bar SMA and settled at $155.54. LTC continued to drop from this level, falling to $148.45, before rising from this level, moving back above the 20-bar SMA and settling at $158.56. At this level, the 50-bar SMA was acting as resistance. As a result, LTC could not push above this level until the 12th, when the price rose to $160.83, pushing above the 50-bar SMA. After reaching this level, the price fell drastically, slipping below the 50 and 20-bar SMAs on the 13th and then dropping to $144.61. LTC pushed up to $150 from this level before dropping back to its current $146.
We can see that the MACD is currently 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 had fallen drastically on Monday, but has recovered during the current session; although the price has dropped marginally, LTC will be looking to move towards $150 during the current session, although if the trend reverses, we could see LTC drop below $145.