- LTC moved lower overnight.
- Support at $120 still holds.
- Next target to the downside at $95-100.
Litecoin price analysis is bearish for today as the market declined overnight and reached back towards the $120 support. Therefore, further downside is expected over the next few days as bears look to reach even further lows next week.
The market trades with various results over the past 24 hours. Bitcoin has lost 1.44 percent, while Ethereum almost 3 percent. The rest of the cryptocurrency market trades with similar results, with Polkadot (DOT) among the worst performers, with a loss of 5 percent.
Litecoin price movement in the last 24 hours
LTC/USD moved in a range of $119 -$129, indicating a good amount of volatility. Trading volume has increased by 14 percent and totals $2.1 billion. Meanwhile, the total market capitalization stands at $8.2 billion, ranking the cryptocurrency in 13th place overall.
LTC/USD 4-hour chart – LTC ready to move to $100?
On the 4-hour chart, we can see the Litecoin price action reversing after move higher earlier this week and starting to build bearish momentum again yesterday.
Looking at the overall Litecoin price action structure over the past weeks, we can see that bears are still in control. After Litecoin saw a strong retracement in May, support was finally set around the $120 mark. After a solid rally to the $200 mark, LTC/USD could not move any higher, and several lower highs were set over the following weeks.
This has resulted in a steady decline over the last weeks. The last swing high, around $180, was set on the 15th of June, and from there, LTC/USD declined by more than 40 percent until the local bottom was set on Tuesday.
Litecoin price retraced during the middle of the week as established a clear lower high below $140 over the past days. What followed was a slow decline yesterday, with the $120 mark reached overnight.
Over the past few days, Litecoin has traded relatively calmly, indicating that bears are preparing to push the market price lower over the next 24 hours. Therefore, considering the overall price action development, we should see LTC/USD spike lower and reach the next support around $95-$100 next week.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish for the next days as we saw a clear lower high set late yesterday around $135 and a substantial move lower overnight. This LTC/USD price action development should lead towards further downside next week, with the $95-$100 support area targeted next.
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