- LTC failed to breach $150 overnight.
- Market likely to retrace further today.
- Closest support around $135.
Litecoin price analysis is bearish for today as the market formed a double top and started moving lower again over the last hours. Therefore, we expect LTC/USD to retrace even further and push towards setting further lows later this week.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 3.33 percent while Ethereum 1.73 percent. The rest of the altcoin market trades in the red with similar mediocre price action.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $139 – $147, indicating a moderate amount of volatility. Trading volume has increased by almost 7 percent and totals $1.45 billion. The total market capitalization trades around $9,35 billion, ranking the cryptocurrency in 13th place overall.
LTC/USD 4-hour chart – LTC fails to breach $150
On the 4-hour chart, we can see the Litecoin price retesting the $150 resistance overnight and starting to move towards the previous low.
Litecoin price action still trades in a bearish structure over the last weeks. After spiking to the $105 mark late last month, LTC/USD began moving higher again and set both a slightly higher low around, indicating that bulls are gaining momentum.
However, as we saw yesterday, LTC/USD could not breach the $150 resistance yesterday, resulting in a double top formation set over the last hours. Litecoin currently starts to push lower again, which should lead towards another strong move lower later this week.
Previous swing low support around $130-$135 likely will slow the market down initially, however, considering the overall price action development, further downside should be seen eventually.
Overall, LTC/USD is likely set for another major wave lower along with the several-week bearish momentum. The next major support target to the downside is seen around the $95 mark, and if reached from the current price, would mean a further drop of around 35 percent.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish for the next 24 hours as the market moves away from the $150 resistance and prepares to continue moving lower along the overall several-week bearish trend. Therefore, we can expect LTC/USD to push lower and find support around the $120 mark next.
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