logo

Litecoin price analysis: Litecoin retests $170 support, further retracement today?

Litecoin price analysis

TL;DR Breakdown

  • LTC moved lower overnight.
  • Support at $170 retested.
  • Next support at $155.

Litecoin price analysis is bearish for today as the market could not move any higher overnight and reached the $170 support. Therefore, we expect LTC/USD to break lower later today to set another higher low.

Litecoin price analysis: Litecoin retests $170 support, further retracement today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a small loss over the last 24 hours. Bitcoin trades flat, while Ethereum has lost 2.7 percent. The rest of the cryptocurrency market follows Ethereum with a mild loss.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $171 – $177, indicating a moderate amount of volatility over the last 24 hours. The trading volume has decreased by 8.71 percent and totals $2.2 billion. Meanwhile, the total market cap stands at $11.6 billion, ranking the cryptocurrency in 12th place overall.

LTC/USD 4-hour chart – LTC rebounds from $180

Looking at the 4-hour chart, the Litecoin price has retraced away from the $180 resistance, indicating that further retracement will be made later today.

Litecoin price analysis: Litecoin retests $170 support, further retracement today?
LTC/USD 4-hour chart. Source: TradingView

The overall price action structure is still neutral over the past weeks after Litecoin retraced by more than 70 percent. After a strong spike to the $120 mark, Litecoin started to trade in an increasingly tighter range until a break lower was seen on the 8th of June.

From there, a lower low was reached around $145, meaning that bears are still in control. However, this could also be considered the last push lower before a much more serious reversal.

Over the past days we saw the Litecoin price establish a higher high above $170 and reached the $180 mark. From there, Litecoin started to retrace and reached $170 previous resistance, which now acts as a support.

Therefore, once a substantial higher low is established we expect LTC/USD to move higher once again. The next major resistance target is seen at $200. Once the $200 mark is reached, bulls will have a clear signal that the overall price action is ready to push towards new all-time highs.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for the next 24 hours as bears retested the $180 mark after a strong rally over the past days, and the market price started retracing overnight. This should lead LTC/USD towards further retracement over the next 24 hours to establish a higher low once again.

While waiting for Litecoin to drop, read our guides on Cardano staking, how to cash out, how to buy Bitcoin stock

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.

Related News

Hot Stories

Lovely Inu introduces a new meme token to the global crypto market
Dogecoin price analysis: DOGE retests $0.075, ready to continue higher?
LandX Achieves Carbon Neutrality with KlimaDAO
Binance clinches AFSA's in-principle approval to operate in Kazakhstan
Solana price analysis: SOL decreases by 4% after strong bearish momentum

Follow Us

Industry News

Best Twitter thread of the day - August 15th
Gold tokenized in Brazil: Legislative official proposes crypto project
Acala network suspends activities after hack
Top tweets of the day - 14th August
Ethereum merge: what happens to your NFTs after it occurs?