- The Litecoin price recovered on Tuesday, with the price currently up by almost 2%.
- LTC had registered a sharp drop on Monday, as the price fell by over 5%, slipping below $210.
The Litecoin price reversed the prevailing bearish trend, as it pushed up to $212 on the back of a fairly strong recovery during the current session. LTC was quite bullish over the weekend, rising by almost 7% on Friday before pushing up by over 4% on Saturday and settling at %226.97. Thanks to the 20-day SMA acting as resistance, the price fell back on Sunday, with LTC falling to $221.39. Monday saw an even more significant drop, as LTC fell by over 5% to settle at $209.28.
Litecoin Price Chart Indicates LTC Could Push Towards $220
Although the Litecoin price was quite bearish over the past week, the price started the previous weekend positively. LTC pushed up by 2.57% on Saturday and over 8% on Sunday to end the weekend at $279.30. However, the price fell back on Monday, registering a drop of almost 6% and settling at $262.93. Tuesday saw the bearish sentiment continue as the price dropped a staggering 12.35%, settling at $230.36. On Wednesday, LTC remained in the red, registering a marginal drop before falling by over 11% on Thursday, slipping below the 20-day SMA and settling at $204.22.
Image: LTC/USD daily
After dropping to $204.22 on Thursday, the Litecoin price pushed up on Friday thanks to the 50-day SMA acting as support. The price pushed up by almost 7% on Friday, moving up to $218.17. Saturday saw the price push higher, rising by over 4% and settling at $226.97. The 20-day SMA came into play as resistance at this level, and the price fell by 2.46% on Sunday. LTC dropped on Monday, too, getting off to a bearish start to the week, dropping by 5.47% and settling at $209.28.
The current session sees the price up by over 1%, and if the price continues to push up, we could see the MACD flip from bearish to bullish.
IntoTheBlock’s IOMAP for the Litecoin price shows us that LTC has strong support at around $195.05. At this price level, over 164,000 addresses have bought more than 4.9 million LINK.
Looking at the 4-hour Litecoin price chart, we can see that LTC had registered a sharp drop on the 16th, slipping below the 20 and 50-bar SMAs and settling at $223.11. LTC continued to drop from this level, slipping below the 200-bar SMA and settling at $202.07. The price pushed up from this level, as it rose to $218.76, pushing back above the 200-bar SMA. LTC continued to rise, pushing past the 20-bar SMA and rising to $225.60. With the 20-bar SMA now acting as support, the price maintained this level till the 22nd, when it slipped below the 20 and 200-bar SMAs and settled at $206.72 before rising to its current level of $212.
The Parabolic SAR is currently bearish. However, if the price continues to push higher, we could see it flip to bullish.
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 session after a sharp fall on Monday. If the current sentiment persists, we could see LTC push towards $220.