- LTC rallied further yesterday.
- $120-$125 resistance still tested.
- Litecoin likely to decline over the weekend.
Litecoin price analysis indicates bearish momentum to follow later today as further upside still gets rejected around the $120-$125 resistance area. Therefore, we expect LTC/USD to reverse over the next 24 hours and start its way to test the $105 previous major support once again.
Cryptocurrency market trades in the green over the last 24 hours. Bitcoin is up by 1.72 percent, while Ethereum by around 3.9 percent. Polkadot (DOT) is among the best performers with a gain of almost 8 percent.
Litecoin price movement in the last 24 hours: Litecoin rallies into $120-$125 resistance
LTC/USD traded in a range of $115.97 – $121.91, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 22.88 percent and totals $1.17 billion. Meanwhile, the total market capitalization trades around $8 billion, ranking the cryptocurrency in 13th place overall.
LTC/USD 4-hour chart: LTC prepares to reverse?
On the 4-hour chart, we can see Litecoin price action rejecting further upside around the $120-$125 resistance area as bears prepare for another push lower.
Litecoin price has seen a substantial drop over the last week after a new swing high was set around $148 at the end of June. From there, LTC/USD failed to set further highs and started to slowly pivot lower. What followed was an increasingly stronger bearish momentum until the $105 mark was reached with strong momentum on the 20th of July.
From the $105 support, Litecoin quickly reversed and rallied towards the $120 support turned resistance. Another quick spike higher was seen late yesterday as further upside was tested around the $120-$125 resistance area. However, a further upside was still rejected, indicating that bears are slowly taking over the market momentum.
This Litecoin price action development should lead towards further downside over the weekend as bears likely want to retest the $105 support again. In case the $105 support fails to hold, we expect a lot more further downside over the next weeks. However, if the $105 mark holds, LTC/USD could start heading higher and finally reverse the several-month bearish price action structure.
Litecoin Price Analysis: Conclusion
Litecoin price analysis indicates bearish momentum to take over later today as a substantial lower high currently gets established. Therefore, we expect LTC/USD to reverse over the next 24 hours and push towards the $105 previous major support next.
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