Litecoin News

Litecoin price analysis: LTC still moves sideways, prepares to break $135 support next?

TL;DR Breakdown

  • LTC retested $135 support overnight.
  • Next target at $120 support.
  • Bearish momentum is likely to take over later today.

Litecoin price analysis is bearish for today as the market failed to set a higher high earlier this week and started consolidation around the $135 mark. Therefore, we expect LTC/USD to move lower later today and finally break the $135 support to test further downside once again.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin is up by 1.66 percent, while Ethereum up by 5 percent. Binance Coin is among the best performers, with a gain of almost 7 percent.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $135.92 – $142.79, indicating a moderate amount of volatility. Trading volume has increased by 14.73 percent and totals $1.64 billion. Meanwhile, the total market capitalization stands around $9.44 billion, ranking the cryptocurrency in 14th place overall.

LTC/USD 4-hour chart – LTC tests $135 again

On the 4-hour chart, we can see the Litecoin price preparing to move lower again after some support by the $135 mark.

LTC/USD 4-hour chart. Source: TradingView

The overall market trades with a strong bearish momentum over the last weeks as another strong push lower was seen from the $180 resistance. From there, Ripple retraced by more than 40 percent until support was found around the $110 mark.

What followed was a move higher to the $150 previous resistance, which now acts as a support. After Ripple price attempted to push higher again, a lower high was set around $148 on Monday. From there, the market started to consolidate in an increasingly tighter range above the $135 support.

This price action development means that the $135 support will likely be broken eventually, and further downside will be seen from there. Next, support is located around the $120 mark, and if reached from the current price, it would mean a drop of around 15 percent. From there, XRP/USD will likely attempt to reverse the several-week bearish momentum again or break lower to the $95 support.

Litecoin Price Analysis: Conclusion

Litecoin price analysis is bearish for the next 24 hours as the market set a lower high on Monday and started to form a base from which to move lower again. Once the $135 breaks, we can expect LTC/USD to push towards the $120 mark next and continue the several-week bearish momentum.

While waiting for Litecoin to move lower, read our guide on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on July 7, 2021 11:06 am

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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