Today’s Litecoin price analysis will be about Litecoin’s outlook after the currency’s recent explosive growth. And with good reason. After the currency’s near-2x jump in price over the last week, the entire crypto-currency market is now in the red. Bitcoin, Ethereum, and other major altcoins have all been pushed below their 200-day moving averages in the last 24 hours. Our Litecoin price analysis is going to explore the cause of Litecoin’s recent growth and examine the possibility of a retest of $135 support later today.
Since yesterday, Litecoin price is slowly recovering from the previous bearish trend. It started the week in the bearish territory, ranging from around $90 to $120. The latest attempt to escape the $110 support level triggered a strong upward momentum, as LTC reached a high of $131.06 early today. The price was unable to break the $132.50 resistance area, but the strong momentum could be a sign of the bulls’ resurgence. As long as the price stays above the $135 support level, the possibility of a test of $135 will remain.Summary of the situation
- LTC down tonight
- LTC/USD broke through earlier support at $135.
- Further declines are expected later in the week.
Litecoin price analysis is bearish today, as the market has seen a sharp decline over the past 24 hours. The previous support around $135 was broken without hesitation, suggesting that the market is likely preparing for a much bigger drop in the coming days.
Heatmap for crypto-currencies. Source: Coin360
The general market has moved into negative territory over the past 24 hours. Bitcoin was up about 6 percent and Ethereum was up 8.4 percent. The rest of the market is trading at a similarly declining price of 6-9%.
Litecoin price movement in the last 24 hours
LTC/USD was trading in a range of $129 to $141, indicating good volatility. Trading volume fell 4% to $1.575 billion. At the same time, the total market capitalization is $8.7 billion, putting the cryptocurrency in 14th place overall.
4-hour chart of LTC/USD – LTC bounces down
On the 4-hour chart, we see that the price of Litecoin has continued to decline after hitting a lower high earlier this week.
LTC/USD 4 hour chart Source: TradingView
The global market continued to show strong downward momentum in recent days. After some recovery at the end of July, where the former strong support around $150 was again tested as resistance, ETH was unable to make new highs.
This was followed by a consolidation above the $135 support level in recent days and a quick breakout to the downside overnight. This development in Litecoin’s price movement has led to a medium-term trend reversal, suggesting that we can expect a test of the $120 level in the coming days.
From here, LTC/USD is likely to set a new lower high and continue moving lower. The next major support target is around $95 and could be reached by the end of the month.
Litecoin Price Analysis: Supplement
The Litecoin price analysis for today is bearish, as a clear lower high was established yesterday, after which the market declined and broke above the $135 support level. Therefore, we can expect LTC/USD to continue to decline throughout the week, with the next target at $120.
While we wait for Litecoin to fall, check out our guides on the benefits of DeFi, commissions for Bitcoin and what to buy with Bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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