- LTC moved to $160 yesterday.
- Further downside to the $150 support overnight.
- Next support at $120.
Litecoin price analysis is bearish for today as the market approached the $150 mark overnight as bears look to break lower again and reach towards the $120 support over the next 24 hours.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 1 percent, while Ethereum 1.8 percent. The rest of the market follows this pattern of bearish price action.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $151.26 – $160.83, indicating a moderate amount of volatility. Trading volume has decreased by 21 percent and totals $1.77 billion. The total market cap stands at $10.1 billion, ranking the cryptocurrency in 12th place overall.
LTC/USD 4-hour chart – LTC ready to break through the $150 support
On the 4-hour chart, we can see the Litecoin price retracing towards the $150 mark again as bears attempt to push the market lower.
The overall market still trades in a several-week bearish price action structure. After retracing from the $413 previous all-time high, set on the 9th of May, the market lost more than 70 percent until support was found around the $120 mark.
After a strong rejection for further downside, resistance was established around the $200 mark. Therefore, until Litecoin price moves above it, we can remain relatively bearish for the market. Since then, several lower highs have been established, with the last located around the $170 mark.
However, it was breached earlier this week as bulls took the market to the $180 mark. The following retracement did regain the loss and the $150 mark was retested again. Therefore, we expect a move lower later today and a move towards the $120 support over the next 24 hours.
Once the $120 mark is retested, we could see LTC/USD finally start trending higher. This could still happen over the next few days if the $150 holds.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish as the market continued to move lower over the last 24 hours and looks to finally break the $150 support. Therefore, we expect LTC/USD to move towards the next support at $120 next week. From there, the market could reverse in a much more serious way.
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