- 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.
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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