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Litecoin Price Analysis: LTC retraces from $105 support, targets $120 resistance next?

Litecoin Price analysis

TL;DR Breakdown

  • LTC consolidated around $105 yesterday.
  • Litecoin started rallying earlier today.
  • LTC/USD targets $120 resistance next.

Litecoin price analysis indicates bullish momentum to follow today as a further downside was prevented around the $105 previous major support level. Therefore, we expect LTC/USD to rally higher later today and try to retest the $120 previous support as a resistance.

Litecoin Price Analysis: LTC retraces from $105 support, targets $120 resistance next? 1
Cryptocurrency heat map. Source: Coin360

The crypto market trades in the green today as bulls started pushing higher in the morning. Bitcoin has gained 5.88 percent, while Ethereum 8.1 percent. Dogecoin (DOGE) is among the best performers, with a gain of 11.8 percent.

Litecoin price movement in the last 24 hours: Litecoin respects the $105 support

LTC/USD traded in a range of $105.16 – $114.01, indicating strong volatility over the last 24 hours. Trading volume has decreased by 7.2 percent and totals $1.348 billion, while the total market capitalization trades around $7.57 billion, ranking the cryptocurrency in 13th place overall.

LTC/USD 4-hour chart: LTC targets $120 next?

On the 4-hour chart, we can see the Litecoin price rallying today as bulls want to retest previous support around $120 as resistance.

Litecoin Price Analysis: LTC retraces from $10.5 support, targets $120 resistance next?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action structure trades in a bearish momentum since the beginning of July, when a lower high was established around $148, and the market started reversing. What followed was a lower low set around $128, and after a second lower low, a strong several-day push lower.

LTC/USD broke past the $120 support without much hesitation and spiked towards the $105 major support from there. Around the $105 support, a slight rejection was seen yesterday, which led to a reversal overnight. 

Right now, the Litecoin price trades higher again and trades in between the $105 support and $120 resistance. This Litecoin price development should lead towards further upside later today as bulls look to retest the $120 mark as a resistance.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis indicates bullish momentum to follow over the next 24 hours as bulls push LTC price away from the $105 support. Therefore, we can expect LTC/USD to reach the $120 mark next and potentially start heading towards further lows from there. 

While waiting for Litecoin to test $120, read our guides on DeFi advantages, Bitcoin fees, as well as 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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