- The Litecoin price continued to drop, with the price currently down by over 4%.
- LTC has been bearish all week and had registered a drop of over 12% on Tuesday.
The Litecoin price remained in the red during the current session, as sellers pushed the price below the 20-day SMA, with the possibility that the price could drop further. LTC has been bearish all week and had started the week with a drop of almost 6% on Monday, falling to $262.93. Tuesday saw the bearish sentiment continue, as LTC dropped by over 12%, dropping to $230. LTC registered only a marginal drop on Wednesday before sellers forced the price further down during the current session.
Litecoin Price Chart Indicates LTC Could Drop To $210
The Litecoin price had started the previous week on a highly bullish note, as it rose by over 13% on Monday, moving up to $229.01. Tuesday saw the price continue to increase, as it pushed up by over 14%, rising to $262.03. However, LTC dropped marginally on Wednesday, registering a drop of 0.53%, before recovering on Thursday and settling at $262.40. LTC fell back again on Friday, as it dropped by over 4%, settling at $251.28, before recovering on Saturday and rising to $257.75.
Image: LTC/USD daily
The Litecoin price continued to push up on Sunday, rising by over 8% and ending the weekend at $279.30. However, LTC fell into the red after reaching this level, falling by 5.86% on Monday and settling at $262.93. LTC continued to drop on Tuesday, registering a fall of over 12% as LTC dropped to $230.46. On Wednesday, the price stayed in the red, dropping only marginally, before sellers pushed the price below the 20-day SMA on Thursday, with LTC currently at $218.
We can see that the MACD has flipped to bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $210.91. At this price level, over 41,000 addresses have sold more than 6.3 million LTC.
The 4-hour Litecoin price chart shows us that LTC had dropped to $248.04 on the 13th. LTC recovered from this level, as it rose to $261.53 but could not get past the 20-bar SMA, which was acting as resistance. LTC stayed at this level for the next few sessions before pushing past the 20-bar SMA on the 14th, when it rose to $279.30. However, LTC turned bearish after reaching this level, as it fell to $244.61, slipping below the 20 and 50-bar SMAs. The price continued to drop from this level, falling to $223.11 and then to its current level of $218.
Looking at the RSI, we can see that if the price drops further, LTC could slip out of the neutral zone and trigger a recovery until the price is back in the neutral zone.
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 slipped below the 50-day SMA during the current session. If the current sentiment persists, we could see LTC drop to its support level of $210.