- LTC traded lower yesterday.
- Spike lower seen over the past hours.
- Closest support at $120.
Litecoin price analysis is bearish as the market continues to move lower after breaking through the $150 mark. From there, we can expect LTC/USD to move even lower to test the $120 mark.
The overall cryptocurrency market trades in the red over the last 24 hours. Bitcoin has lost 6.7 percent, while Ethereum 9 percent. The rest of the altcoins market follows this price action development, with Dogecoin being among the worst performers with a loss of 23 percent.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $128.25 – $156.15, indicating a strong amount of volatility. Trading volume has spiked by 41 percent and totals $2.7 billion. The total market cap stands at $8.77 billion, ranking cryptocurrency in 13th place overall.
LTC/USD 4-hour chart – LTC targets $120
On the 4-hour chart, we can see the Litecoin price action moving lower over the last 24 hours as bears try to reach the next support at $120.
The overall market still trades with slightly bearish price action over the past weeks. After retracing from the previous all-time high of around 70 percent, support was established at the $120 mark. From there the market made a slight rally and started to move sideways.
The area where the price moved sideways was established around $150-$180 until it was broken on the 20th of July. A quick spike lower took the market to the $130 mark, where the current price level is located at.
Therefore, we can assume that LTC/USD will look to move further to the downside over the next hours to finally reach the $120 mark. Once that is done, LTC/USD should see a reversal and another attempt to set further highs over the next few days.
Currently, the best option is to wait for further price action development.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish as bears have pushed Litecoin towards $120 support after breaking below $150. However, the market has not yet reached the $120 mark, where the previous major low was set, meaning that we can expect further downside later today.
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