- LTC consolidated around $105 yesterday.
- Litecoin started rallying earlier today.
- LTC/USD targets $120 resistance next.
Litecoin price analysis indicates bullish momentum to follow today as a further downside was prevented around the $105 previous major support level. Therefore, we expect LTC/USD to rally higher later today and try to retest the $120 previous support as a resistance.
The crypto market trades in the green today as bulls started pushing higher in the morning. Bitcoin has gained 5.88 percent, while Ethereum 8.1 percent. Dogecoin (DOGE) is among the best performers, with a gain of 11.8 percent.
Litecoin price movement in the last 24 hours: Litecoin respects the $105 support
LTC/USD traded in a range of $105.16 – $114.01, indicating strong volatility over the last 24 hours. Trading volume has decreased by 7.2 percent and totals $1.348 billion, while the total market capitalization trades around $7.57 billion, ranking the cryptocurrency in 13th place overall.
LTC/USD 4-hour chart: LTC targets $120 next?
On the 4-hour chart, we can see the Litecoin price rallying today as bulls want to retest previous support around $120 as resistance.
Litecoin price action structure trades in a bearish momentum since the beginning of July, when a lower high was established around $148, and the market started reversing. What followed was a lower low set around $128, and after a second lower low, a strong several-day push lower.
LTC/USD broke past the $120 support without much hesitation and spiked towards the $105 major support from there. Around the $105 support, a slight rejection was seen yesterday, which led to a reversal overnight.
Right now, the Litecoin price trades higher again and trades in between the $105 support and $120 resistance. This Litecoin price development should lead towards further upside later today as bulls look to retest the $120 mark as a resistance.
Litecoin Price Analysis: Conclusion
Litecoin price analysis indicates bullish momentum to follow over the next 24 hours as bulls push LTC price away from the $105 support. Therefore, we can expect LTC/USD to reach the $120 mark next and potentially start heading towards further lows from there.
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