Litecoin price could drop towards the $140 psychological level. IOMAP shows LTC faces massive resistance on the up-side. Litecoin must close the session above the $150 level to re-start the bullish leg. Litecoin price ended the day trading in the red on Friday to close the day below $148. It, however, started the day on Saturday trading in the green as the underlying pressure from the bulls attempted to push the price towards the $160 psychological level. However, pressure from the bears scuttled the attempts to push LTC price any further as sellers ending the week on Sunday at around $148.76. At the time of writing, the asset is trading in the green around $149 as bulls aim . Litecoin Price Trades Below the $150 Mark Before the latest bearish leg, LTC/USD had rallied 47% between July 21 and August 08 when it jumped from $106 to highs of about $157 going above the $150 psychological level. During this rally, the tenth largest cryptocurrency my market capitalization according to Coinmarketcap flipped the 50-SMA (simple moving average), the 100 SMA and the 200 SMA from resistance to support. Get FREE Crypto Signals Now! The parabolic SAR turned negative during the fourth four-hour trading session on Sunday at the same time the Moving Average Convergence Divergence Indicator (MACD) sent a call to sell crypto signal the recently witnessed bearish momentum could be sustained as seen on the four-hour chart. LTC/USD Four-Hour Chart At the time of writing LTC was trading hands just below the $150 0 psychological level at around $148.99 on most crypto exchanges. Note that a daily closure below this level will push the Litecoin price further down towards the 50 SMA currently at $145 and 100-day SMA at around $140. Litecoin Faces Massive Resistance Upwards On-chain metrics from In/Out of the Money Around Price (IOMAP) model by IntoTheBlock’s indicates any upward recovery by LTC will be met by significance resistance. The immediate resistance is found around the $153 resistance zone. It lies within the $148 and $153 investor cluster where roughly 166,000 addresses previously bought approximately 2.28 million LTC. This resistance appears robust enough to absorb any buying pressure aimed at re-starting the recovery leg. Litecoin IOMAP Model Compared to the immediate support at $145, it is relatively weak. It is within the $144 and $148 price range where 110,000 addresses previously bought 1.48 million LTC. However, a fall below this level would meet robust support as indicated by the IOMAP. Looking Over The Fence Note that a Litecoin price session closure above the $150 psychological level could re-start the bullish leg to push the price even higher. If this happens, LTC could overcome the $160 barrier and re-test the areas above the $170 and $180 psychological levels as seen in June. Looking to buy or trade Litecoin now? Invest at eToro! Buy Litecoin Now Capital at risk Nancy Lubale Nancy Lubale Crypto Analyst and Technical Writer Nancy is a successful crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. View All Post By Nancy Lubale Crypto News share Read Next S&P500 Price Prediction: Will Inflation Or Jobs Be The Mover? Gerald Fenech 1 year Litecoin price could drop towards the $140 psychological level. IOMAP shows LTC faces massive resistance on the up-side. Litecoin must close the session above the $150 level to re-start the bullish leg. Litecoin price ended the day trading in the red on Friday to close the day below $148. It, however, started the day on Saturday trading in the green as the underlying pressure from the bulls attempted to push the price towards the $160 psychological level. However, pressure from the bears scuttled the attempts to push LTC price any further as sellers ending the week on Sunday at around… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.