- LTC consolidates around $170-$180 yesterday.
- LTC trades close to $145 previous low.
- Next support at 120.
Today’s Litecoin price prediction is bearish as the market continued to move lower over the past days and currently attempts to break below the $145 previous low. Therefore, we expect further downside over the next 24 hours.
The crypto market trades in the red over the last 24 hours. The market leader Bitcoin has lost 7.4 percent, while Ethereum trades with a loss of 13.5 percent. The rest of the altcoin market follows this pattern of substantial losses.
LTC/USD opened at $169.47 today after a slight bearish close yesterday. Overnight, Litecoin moved below the $170 mark and started trading towards the previous major swing low of $145. Once it is broken, we should see LTC/USD move towards the next support at $120.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $145.80 – $184.01, meaning a substantial amount of volatility over the last 24 hours. Trading volume has decreased by 35.88 percent and totals $4.7 billion. The total market cap stands at $9.7 billion, ranking the cryptocurrency in 12th place overall.
LTC/USD 4-hour chart
On the 4-hour chart, we can see the Litecoin price action breaking below the $145 support.
The overall market price action continues to move lower over the past week after a new all-time high was set at the $413 mark on the 10th of May. From there, LTC/USD has already retraced more than 65 percent.
Therefore, most of the gain seen this year has been eliminated. This price action development means that the Litecoin price is heavily oversold right now. This should lead to a major reversal back to the upside over the upcoming weeks.
Earlier this week, LTC/USD established a resistance around $220 and moved lower over the next few days. This led to a consolidation around the $170-$180 mark yesterday, where a higher low could have been set.
However, LTC/USD moved lower earlier today and reached the previous major swing low of $145. Currently, bears are attempting to break below this support. Once it is broken, we could see a further move to the 120 next support.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the market failed to move higher yesterday and currently attempts to set a lower low under the $145 mark. Therefore, we expect LTC/USD to move lower later today, with the next major support level located at the $120 mark.
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