in

Litecoin Price Analysis: LTC swiftly retests $145 for the third time, reversal to follow next week?


TL;DR Breakdown

  • Litecoin price analysis is bullish for today.
  • LTC/USD saw support at $145 for the third time this week.
  • Bulls currently reject further downside.

Litecoin price analysis is bullish today as the market found support at the $145 mark again this morning. Therefore, we expect a reversal to follow for LTC/USD today, with the $165 resistance as the next target.

Litecoin Price Analysis: LTC swiftly retests $145 for the third time, reversal to follow next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, despite the market leader, Bitcoin, gaining 0.17 percent. Ethereum is down by 0.35 percent, with the rest of the top altcoin experiencing an even bigger loss.

Litecoin price movement in the last 24 hours: Litecoin spikes to $145, starts to trade higher

LTC/USD traded in a range of $142.55 – $155.21, indicating strong volatility over the last 24 hours. Trading volume has declined by 11.85 percent and totals $2.94 billion, while the total market cap trades around $9.87 billion, ranking the coin in 16th place overall.

LTC/USD 4-hour chart: LTC looks to move higher?

On the 4-hour chart, we can see the Litecoin price action starting to move higher again this morning, indicating further upside to follow.

Litecoin Price Analysis: LTC retests $145 for the third time, reversal to follow next week?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action saw bearish momentum return this week. After a strong drop to $170 earlier this month, we saw a several-day consolidation for LTC/USD.

Last week, LTC also set a lower high below $195, from which another strong decline began. On Monday, Litecoin price found support around the $145 mark, after a drop of 25 percent.

What followed was a reaction to the upside, with resistance found at $165. From there, LTC/USD spiked lower again on Friday, retesting the support. Since bears could not push the market below the support earlier today again, we assume that bears are exhausted overall, and the market is ready to reverse.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish today as the $145 support prevented further downside again, and bulls have returned over the past hours. Therefore, we expect LTC/USD to move higher over the next 24 hours and look to return above the $165 resistance.

While waiting for Litecoin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Silver (XAGUSD) Price Tests $21, Further Price Declination Is Possible – Cryptovibes.com – Daily Cryptocurrency and FX News

Silver (XAGUSD) Price Tests $21, Further Price Declination Is Possible – Cryptovibes.com – Daily Cryptocurrency and FX News

UAE Authorities Sign Deal To Support Cryptocurrency Trading