- LTC retests $170.
- Next resistance at $200.
- Next upswing target at $220.
Litecoin price analysis is bullish for today as the market found support at the $170 mark and currently prepares for another push higher. Therefore, we expect LTC to reach the next resistance at $220 over the weekend and start an even stronger rally later this month.
The overall market trades with mixed results. Bitcoin has lost 2.4 percent, while Ethereum has gained 0.25 percent. Meanwhile the rest of the altcoin market remains relatively flat, with Solana (SOL) being an exception with a gain of around 11.65 percent.
LTC/USD opened at $178.62 today after a bearish close yesterday. Litecoin price action has established a slightrly higher low at $170 after a slightly lower high at $200. Therefore, the market is expected to move sideways until a breakout is set.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $171 – $185, indicating a moderate amount of volatility. 24 hour trading volume has decreased by 11 percent and totals $2.7 billion, while the total market capitalization stands at $11.6 billion, ranking the cryptocurrency in 14th place overall.
LTC/USD 4-hour chart – LTC supported by $170
On the 4-hour chart, we can see the market failing to breach $170, meaning that further upside will be seen over the next few days.
The overall market has started to reverse from the several-week retracement that resulted in a loss of over 70 percent. Over the past few days, the market established both a higher low and lower high, indicating that the market trades in an increasingly tighter range.
Therefore, until Litecoin sets either a higher high or lower low, we expect the market to continue moving sideways over the following days. The resistance to break is located at the $200 mark, while support at $170 mark.
Considering that the overall price action momentum can no longer push any lower and is exhausted, we expect LTC/USD to push higher and breach the $200 mark. From there, the next target is located at the $220 mark and once reached, would confirm that the market has become increasingly more bullish
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish as the market has established a strong base from which to move higher over the next week. However, first the $200 resistance needs to be broken to set a higher high. Once that is done, Litecoin price should see further gains later this month towards the previous all-time high at $413.
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