- LTC moved higher yesterday.
- LTC/USD set to retrace to $150.
- $120 support still holds.
Litecoin price analysis is bullish today as bullish momentum has returned the market above the $120 support and bulls prepare to push the market towards $150 resistance. Therefore, we expect further upside for LTC/USD over the next 24 hours.
The overall market trades with increasingly more bullish price action over the last 24 hours. Bitcoin is up by almost 1.5 percent, while Ethereum with a negative -0.44 percent. Tron (TRX) is among the best performers, with a gain of 20 percent.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $123 – $135, indicating a good amount of volatility over the last 24 hours. Trading volume has decreased by 42 percent and totals $2 billion. Meanwhile, the total market cap stands at $8.94 billion, ranking cryptocurrency in 13th place overall.
LTC/USD 4-hour chart – LTC prepares to spike towards $150?
On the 4-hour chart, we can see the Litecoin price slowly trending higher again to regain the severe loss seen over the past days.
The overall Litecoin price action structure has turned even more bearish over the past few days. LTC spent the past weeks moving sideways after rebounding to the $200 resistance from the $120 support, which resulted in a trading range of around $150-$180.
On the 20th of June, Litecoin spiked lower and moved towards the $120 previous major support. A brief breakthrough was seen, with a recovery shortly after back above the support. This has led LTC towards further upside over the past 24 hours as bulls want to retest the $150 mark as a resistance.
Once the $150 resistance is tested, we can expect LTC/USD to reverse and start moving lower again to set another lower low along with the current bearish momentum. However, if Litecoin price fails to breach the $120 mark and established a higher low, we can expect LTC/USD to start trading higher over the next few days.
In this scenario, the market would turn bullish once the current major resistance at $180 is broken. Until then, it is best to wait for further price action development.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish for the next 24 hours as the $120 support was regained and LTC/USD moved higher over the past 24 hours. This price action development should lead LTC to retest the previous major support at $150 as resistance. From there, we should see another move lower later this month.
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