- Litecoin price analysis is bullish today.
- LTC/USD spiked lower to $190.
- Further downside currently rejected.
Litecoin price analysis is bullish today as we expect the current push lower to set a higher low and LTC to reverse from there. Likely LTC/USD will see consolidation before recovery is made.
The overall market traded mostly with a bearish result over the last 24 hours. Bitcoin lost 2 percent, while Ethereum 3.02 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with over 15 percent gain.
Litecoin price movement in the last 24 hours: Litecoin spikes lower after consolidation around $200
LTC/USD traded in a range of $191.84 – $201.73, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24 percent and totals $1.67 billion, while the total market cap traded around $13.35 billion, ranking the coin in 18th place overall.
LTC/USD 4-hour chart: LTC set to reverse above $190?
On the 4-hour chart, we can see Litecoin price action rapidly reaching the $190 support over the past hours, with buying pressure slowly returning.
Litecoin price action has seen strong bullish momentum return over the past weeks. After a strong spike below $175 at the end of October, LTC/USD rapidly regained loss, returning above $190.
After some consolidation, another move higher began on Monday, eventually leading LTC/USD to a new higher high at $210. After a second attempt to break higher, the market pivoted into a retracement again.
After a slow downside movement over the past days, the Litecoin price action finally saw a strong spike lower earlier today. However, the $190 support was not broken, indicating that we might be seeing a new higher low set.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish today as the $190 mark currently acts as a support, rejecting further downside over the past hours. Therefore, LTC/USD has likely set a new higher low, leading to a reversal to come over the next days.
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