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Litecoin Price Analysis: LTC sets lower high, prepares to break $120 next

Litecoin Price analysis

TL;DR Breakdown

  • LTC rallied overnight.
  • Lower high set around $130.
  • Next target at $120.

Litecoin price analysis indicates bearish momentum to follows later today as a lower high was set around $130 overnight. Therefore, we expect LTC/USD to push lower later today and try to breach the $120 mark next.

Litecoin Price Analysis: LTC sets lower high, prepares to break $120 next 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has remained almost flat, with a gain of 0.17 percent, while Ethereum around 1.4 percent. Binance Coin (BNB) is among the best performers, with a gain of 6.5 percent.

Litecoin price movement in the last 24 hours: Litecoin rallied to $130

LTC/USD traded in a range of $127.59 – $133.02, indicating a moderate amount of volatility. Trading volume has decreased by 13.7 percent and totals $1.35 billion. Meanwhile, the total market capitalization trades around $8.6 billion, ranking the cryptocurrency in 13th place overall.

LTC/USD 4-hour chart: LTC ready to breach $120?

On the 4-hour chart, we can see the Litecoin price preparing for another push lower after a high low set overnight.

Litecoin Price Analysis: LTC sets lower high, prepares to break $120 next
LTC/USD 4-hour chart. Source: TradingView

The overall Litecoin price action momentum has shifted back to being bearish over the past weeks. After a strong rally at the end of June, LTC/USD reached a new several-week high of around $150. From there, LTC failed to move higher and set a slightly lower low around $148.

What followed was further downside over the past week, with the current lowest low around $124. Overnight, the Litecoin price rallied and established a clear lower high once again around $130.

This price action development indicates that Litecoin is ready to move lower once again, and we should see further downside over the rest of the week. The $120 mark serves as the next downside target, and if reached, it would mean an additional drop of around 8 percent.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for today as a clear lower high was set overnight, and Litecoin started moving lower over the past hours. Therefore, we expect LTC/USD to push to the $120 over the weekend and try to set another clear lower low. 

While waiting for Litecoin to reach $120, read our guides 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.

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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