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Litecoin price analysis: Litecoin spikes above $170, ready to breach $200?

Litecoin price analysis

TL;DR Breakdown

  • LTC moved higher overnight.
  • Resistance at $170 broken.
  • Next target at $200.

Litecoin price analysis is bullish for today as the market continued to move higher overnight and broke above the previous resistance at $170. Therefore, we can expect LTC/USD to push higher and breach above the $200 resistance.

Litecoin price analysis: Litecoin spikes above $170, ready to breach $200? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today as Bitcoin is up by 1.67 percent, while Ethereum 4.17 percent. Among the best performers are Polkadot (DOT), and Chainlink (LINK) with a gain of 14 and 10 percent, respectively.

Litecoin price movement in the last 24 hours

LTC/USD trading volume has increased by 18 percent and totals $2.42 billion. Meanwhile, the market cap trades around $12 billion, ranking the cryptocurrency in 12th place overall.

LTC/USD 4-hour chart – LTC breaks $170

On the 4-hour chart, we can see the Litecoin price moving higher over the last 24 hours as bulls prepare to finally break the $200 major resistance.

Litecoin price analysis: Litecoin spikes above $170, ready to breach $200?
LTC/USD 4-hour chart. Source: TradingView

The overall Litecoin price action momentum is still slightly bearish as the market failed to set a significant higher high over the past weeks. However, bears should be exhausted as the market has lost around 70 percent since the $120 support. Therefore, we expect the Litecoin price action structure to slowly shift towards being bullish over the next week.

Last week, we saw LTC spike lower to the $145 mark after a more than week-long consolidation in an increasingly tighter range. This indicated that bears are still in control and the market is not yet ready for a strong reversal to the upside.

However, after some sideways movement over the last days, Litecoin breached the $170 resistance and started moving higher over the past hours. This should lead LTC/USD towards the next resistance at $200 mark, after which a strong higher swin high would be set, further indicating that bulls are taking control.

Next upswing target is located at the $220 resistance and would mean that a long position can be entered on a following retracement. However, currently, it is best to wait for further price action development.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish as bulls have gained momentum over the last 24 hours as previous local high around $170 was broken overnight. This should lead LTC/USD towards test of the next resistance at $200 over the next 24 hours.

While waiting for further Litecoin price action development, read our latest guides on how to cash out Bitcoin, buy Bitcoin stock, as well as how to trade 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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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