- 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.
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.
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.
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