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Litecoin price analysis: LTC prepares for next wave lower, target at $120

Litecoin Price analysis

TL;DR Breakdown

  • LTC moved higher yesterday
  • Support around $135 retested as resistance.
  • Market likely to move to $120 support next.

Litecoin price analysis indicates bearish momentum will follow over the next 24 hours as a lower high was set around $135. Therefore, we expect LTC/USD to move lower to the $120 mark over the next few days.

Litecoin price analysis: LTC prepares for next wave lower, target at $120 1
Cryptocurrency heat map. Source: Coin360

The crypto market trades with mixed results over the last 24 hours. Bitcoin is up by 0.57 percent, while Ethereum down by 3.3 percent. Solana (SOL) is among the worst performers with a loss of over 5.55 percent.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $131.81 – $136.72, indicating a moderate amount of volatility. Trading volume has declined by 6 percent and totals $1.4 billion. The total market capitalization stands at around $8.85 billion, ranking cryptocurrency in 13th place overall.

LTC/USD 4-hour chart – LTC ready to push away from $135?

On the 4-hour chart, we can see the Litecoin price preparing for another wave to the downside as further upside was rejected overnight.

Litecoin price analysis: LTC prepares for next wave lower, target at $120
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action has started to turn bearish again after a strong rally at the end of June. After the $150 mark was reached and retested on the 5th of July, LTC/USD consolidated sideways around the $135 mark and spiked lower on the 8th of July.

From there, Litecoin established a clear higher low around $128 and moved higher from there. Yesterday the $135 mark was retested as resistance, with rejection for further upside around the area of 50 to 100 period moving average.

This price action development should lead LTC/USD to $120 support and probably to even further downside later this month.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for today as further upside was rejected overnight and previous support around $135 was retested as resistance. Therefore, we can expect LTC/USD to move to the $120 mark next. 

While waiting for Litecoin to move to $120, read our guides on DeFi advantages, Bitcoin fee, what can you 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.

Lapin

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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