- Litecoin (LTC) reverses Monday’s uptrend by a 3.70% plummet.
- Range-bound traders should jump on-board
- A continuous downtrend might break LTC’s price below $175 first support
Litecoin Price Prediction: General price overview
Litecoin underwent a partial reversal from the 10 percent Monday gain after dropping by 3.70 percent early today. Before the drop, Litecoin’s daily chart was all green, with three white soldiers setting camp at $186. Such a bullish show that witnessed most of the moving averages point towards an uptrend.
The coin started an uptrend at the 38.2% retracement level of the 52-week low ($182) and broke above the $183 pivot level, and has been on a gradual ascending channel to $186 since then. Nonetheless, the early morning head and shoulder pattern that saw the coin correct below an overhead resistance of $186 gave an advantage to range-bound traders. Who saw it as the right moment to buy below the resistance, probably around the $180 support and sell in between the upper limits of the current support.
LTC is already 48% down from last week’s volume and approximately 16.05% down from Monday’s volume. Buying pressure has already failed to consolidate above the $197 key resistance. Besides, sellers could pull the price downwards close to the first support at $173 before reversing at an intraday low of $175.
Should buyers bring in more numbers, a crypto rally is likely to extend on the daily chart and break above today’s intraday high of $186 and to the $190 level. Chances of beating resistance at $200 might cap further upsides. However, consolidating above that resistance demands support from the broader market. In the event of which Litecoin could extend a more decisive breakout above that first key resistance and test a second key resistance at $210.
The overall position of Litecoin based on market capitalization is number 14, commanding a total valuation of $12.3 billion.
Litecoin price movement in the last 24-hours
Litecoin has its first major support at $175 on the 24-hour chart, having traded between the range of an intraday low of $178 and an intraday high of $186. Bulls are hoping to break above the $190 level and set a new daily high. Buyers are however not strong enough to consolidate above this level at the moment, and sellers seem to be pulling Litecoin’s price below the $184 pivot level. A continuous downtrend might have the bears bring the 62% FIB retracement level at $174 into play and the first key support at $175.
LTC had a bullish start of the day, but the question is;
Will the buyers sustain a positive market signal and keep pushing an uptrend?
Litecoin 4-hour price chart
Litecoin (LTC) is down by 0.33% on the 1-hour price chart. The drop is a reversal from the previous hour’s momentum that saw the price hit $186.48. There is also a clear trendline forming on the 100 and 200-day moving average, suggesting the possibility of an ascending channel.
At the time of writing, Litecoin is trading at $1854.
Conclusion: Litecoin reverses from Monday’s gain
The majority of the cryptocurrencies recorded gains above 10% at the start of the week, including Cardano (ADA), Ethereum (ADA), Polygon (MATIC), and Litecoin (LTC). LTC has, however, corrected downwards and partially reversed yesterday’s gain by 3.70%. There is an excellent opportunity for range-bound traders to take advantage of the coin’s daily and weekly performance. Long-term hodlers can also invest in Litecoin and bet on its consistent performance that has always made it among the top 15 cryptocurrencies by market cap.