- LTC set a clear lower high around $140 overnight.
- LTC/USD started moving lower overnight.
- Initial support was found around $130.
Litecoin price analysis indicates bearish price action to be seen later today. After a higher low was set yesterday, the market price pushed lower, indicating that the next bearish wave is in progress.
The overall market trades in the red over the last 24 hours. Bitcoin has declined by 3 percent while Ethereum 5.25 percent and is among the worst performers.
Litecoin price movement in the last 24 hours: Litecoin established a clear lower high
LTC/USD traded in a range of $130.04 – $139.67, indicating a moderate amount of volatility. Trading volume has increased by 13.1 percent and totals $1.56 billion. Meanwhile, the total market capitalization trades around 8.89 billion, ranking the cryptocurrency in 13th place overall.
LTC/USD 4-hour chart: LTC spikes to $133
On the 4-hour chart, we can see the Litecoin price rapidly moving towards the $130 mark over the last hours, indicating that further downside will follow after a slight pause in the decline.
The overall market trades in a bearish price action momentum over the last weeks. After a strong rally during the end of June, LTC/USD reached $150 resistance and failed to move higher.
A slight lower high was set around $148 resistance, and a lot more downside was seen from there until support was found around the $128 mark. Over the past days, LTC/USD rallied higher and established another lower high overnight. A descending resistance trendline has also been formed, serving as a potential reversal indicator once broken.
Litecoin pushed lower to the $130 mark earlier today, where a slight rejection for further downside was seen. LTC/USD will likely test the descending trendline later today as a result of the slight rejection. However, from there, we can expect bearish momentum to continue later this week, with the $120 mark serving as the next major support target.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish for today as the market established a clear lower high around $140 yesterday, and a slight move lower was seen from there. Therefore, we can expect a lot more downside later this week to the $120 next major support.
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