- LTC continued to rally overnight.
- $125 broken earlier today.
- Bulls are not able to keep up the momentum later today.
Litecoin price analysis indicates bearish momentum to follow later today as another quick spike higher was seen overnight. Additionally, the market has gained around 20 percent without a significant pullback, meaning that bulls are exhausted and we can see a reversal later today.
Cryptocurrency market trades in the green over the last 24 hours as strong bullish pressure was seen overnight. Bitcoin is up by 4.24 percent, while Ethereum is up by 4.49 percent. Meanwhile, Polkadot (DOT) has increased by 6.92 percent and is among the best performers.
Litecoin price movement in the last 24 hours: Litecoin spiked higher to establish another medium-term swing lower high
LTC/USD traded in a range of $117.29 – $127.39, indicating a strong amount of volatility over the last 24 hours. Trading volume has seen a slight decrease of 5.31 percent and totals $1.1 billion. Meanwhile, the total market capitalization trades around 8.38 billion, ranking the cryptocurrency in 13th place overall.
LTC/USD 4-hour chart: LTC ready for another wave lower?
On the 4-hour chart, we can see the Litecoin price rejecting further upside above the $125 mark as bears prepare to take over the market momentum and move towards the $105 support next week.
Litecoin price action continues to trade with a strong bearish momentum over the past weeks. Since a new medium-term swing lower high was established around $148, LTC/USD has declined by more than 30 percent to the $105 low.
From the $105 mark, bulls quickly took over control and started to push LTC/USD higher over the last few days. $125 mark was broken overnight, resulting in a total gain of around 20 percent. Therefore, have likely become exhausted again and we can expect the market to pivot lower over the weekend.
This should lead LTC/USD towards further downside next week, with the $105 mark as the major support level to be broken. In case Litecoin can set a higher low above $105, we can expect Litecoin to start reversing the several-month bearish price action structure over the next weeks.
Litecoin Price Analysis: Conclusion
Litecoin price analysis indicates bearish momentum to follow ver the weekend as bulls have exhausted their momentum after a 20 percent rally over the past days. Therefore, we expect LTC/USD to pivot later today as start moving towards the $105 major support over the next week.
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