- LTC moved sideways overnight.
- $170 support still holds.
- Next resistance at $220.
Litecoin price analysis is bullish for today as the market continues moving sideways and establishes a base from which to move higher next week. Therefore, we expect LTC/USD to move to $220 next week and continue moving higher from there.
The overall market trades relatively flat over the last 24 hours. Bitcoin has remained flat, while Ethereum trades with a small gain of $2 percent. Rest of the market follows this pattern of relatively calm price action movement.
LTC/USD opened at $173 today after a slightly bearish close yesterday. Overnight, LTC/USD found support at the $170 mark, meaning that we expect to push higher to the $220 mark over the next 24 hours as it is the next resistance target.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $168 – $180, indicating a moderate amount of volatility. Trading volume has decreased by 10 percent and totals $2.4 billion. Meanwhile, the total market cap stands at $11.8 billion, ranking the cryptocurrency in 14th place overall.
LTC/USD 4-hour chart – LTC prepares to push higher?
On the 4-hour chart, we can see the Litecoin price action still consolidating above the $170 support over the past 24 hours, forming a base from which to move higher next week.
The overall market continues to move sideways over the past days after establishing a low at the $120 mark late last month. Since the Litecoin price action declined by 70 percent, we expect that bears are likely exhausted and we could see a strong reversal next week.
Over the past days, Litecoin set both a higher low and a lower high, indicating that the market is trading in an increasingly tighter range. Therefore, once Litecoin finally gathers enough momentum to break the $200 mark, we can expect further upside later this month and a reversal from the several week bearish price action structure.
However, for now, it is best to stay on the sidelines and wait for further price action development.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish as the market continues to respect the $170 support and prepares to push higher to finally reverse the several week bearish price action momentum. Therefore, early next week, we can expect Litecoin to move higher to the $220 mark and further increase bullish pressure.
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