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Litecoin price prediction: Litecoin breaks and retests $400, set to move higher?

Cryptopolitan


TL;DR Breakdown

  • LTC breaks above the $400 target
  • LTC peaks at $415
  • Closest support at $370.

Today’s Litecoin price prediction is bearish as the market has gained more than 20 percent over the last 24 hours. Therefore, we expect a short-term retracement before further upside later this week.

Cryptocurrency heat map. Source: Coin360

The overall market is in the green today as strong moves higher overnight was seen across the board. Bitcoin is up by 1.4 percent, while Ethereum by 4 percent. Among the best performers is Litecoin and Stellar, with gains of 15 and 18 percent, respectively.

LTC/USD opened at $388 after a strong rally higher Yesterday. Overnight the $400 mark was broken without much resistance, leading to a new all-time high set at $413, where some rejection for further upside was seen earlier today. Therefore, we expect Litecoin to retrace over the next 24 hours and retest previous resistance around $370 as support.

Litecoin price movement in the last 24 hours

LTC/USD price moved in a range of $343.81- $412.96, indicating strong volatility. 24-hour trading volume has spiked by 95 percent and totals $12.5 billion. The total market cap stands at $26.8 billion, ranking the cryptocurrency in 10th place overall.

LTC/USD 4-hour chart – LTC spikes above $400

On the 4-hour chart, we can see Litecoin setting a new all-time high at $413 and retracing to retest the $400 price mark.

Litecoin price prediction: Litecoin breaks and retests $400, set to move higher?
LTC/USD 4-hour chart. Source: TradingView

The overall market continues to push higher over the past weeks. After setting a new all-time high at $335 on the 17th of April, the market retraced by more than 35 percent until support was found around $210 mark. 

After some consolidation above the $220 mark, LTC spiked lower, where bulls quickly picked up any selling pressure. From there, Litecoin started rapidly pushing higher towards the $260-$270 area. Another several-day consolidation resulted in another move higher, with the previous swing high of $290 broken on the 3rd of May. 

Litecoin price saw a small retracement initially, however, further upswing over the following days resulted in a new all-time high set at $370 on the 7th of May. After retesting the previous all-time high resistance of $335 as a support, LTC/USD consolidated for several days, with multiple retests of the $335 support. From there, on the 9th of May, Litecoin pushed higher again, setting new all-time highs.

Earlier today, Litecoin price reached a new high of $413 after breaking through the $400 major price target. Right now, the $400 mark is retested as support. If LTC/USD cannot find support at the $400, we expect a further retracement to the $370 previous local swing high resistance. From there, Litecoin should build a base, from which to move higher later this week.

Litecoin Price Prediction: Conclusion 

Litecoin price prediction is bearish as we have seen a strong push higher over the last 24 hours, with the $400 mark finally broken. Therefore, a short-term retracement is expected as the market builds a base from which to push higher later this week.

While waiting for Litecoin price action to retrace, read our investing in cryptocurrencies guide. To learn more about Litecoin’s big brother, Bitcoin, see our articles on using and selling Bitcoin.

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.



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