- LTC moved lower overnight.
- Support found at $160.
- Next resistance at $220.
Today’s Litecoin price prediction is bullish as the market retraced even further and shows signs of exhaustion for further downside. Therefore, we expect LTC/USD to move higher next week after a new higher low is set.
The overall market trades in the green over the last 24 hours. Bitcoin is up by 6.5 percent, while Ethereum is up by 7.5 percent. Meanwhile, Cardano (ADA) is up by 21.5 percent, meaning that it is among the best performers right now.
LTC/USD opened at $164.15 today after a bearish close yesterday. Since then, the Litecoin price has moved higher and shows signs of lack of further selling pressure.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $156.32 – $180.26m indicating mild volatility. Trading volume has decreased by 20 percent and totals $3.5 billion. Meanwhile, the total market cap trades around $11.6 billion, ranking the cryptocurrency in 14th place overall.
LTC/USD 4-hour chart – LTC slows down
On the 4-hour chart, we can see the Litecoin price action setting further lows over the past 24 hours. However, bearish momentum seems exhausted, meaning that we could see the market reverse next week.
The overall market still trades with a bearish momentum as the Litecoin price has declined by 70 percent since the last all-time high was set around $413 on the 10th of May.
Over the past week, LTC/USD lost its bearish momentum as bears could not push the market any lower, and only a slightly lower low was set at the $120 mark. From there, LTC found resistance at the $200 mark and reversed back to the downside once again.
However, the current bearish move lacks momentum, indicating that bears are exhausted, and we likely see the end of the several-week retracement. Therefore, we expect the Litecoin price action momentum to shift next week and start moving towards the previous all-time high.
First, Litecoin has to set a higher high above the $200 mark, with the next minor resistance at $220-$230 and major resistance at $260. Therefore, for now, the best option would be to wait for further LTC/USD price action development.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bullish as the market lacks further selling pressure and continues slowly retracing. This should lead to a further upside next week However, a higher local high needs to be established first.
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