- LTC moved higher yesterday.
- Descending resistance trendline retested overnight.
- Market likely to reject further upside.
Litecoin price analysis indicates bearish momentum to follow later today as a new lower high was established around $125-$128 price area, and further upside gets rejected as of now. Therefore, we expect LTC/USD to reverse later today and start heading towards the $105 major support next week.
The cryptocurrency market trades with a slight bullish momentum over the last 24 hours. Bitcoin is up by 1.27 percent, while Ethereum is around 0.6 percent. Rest of the top altcoins trade with mixed low volatility results.
Litecoin price movement in the last 24 hours: Litecoin established another lower high
LTC/USD traded in a range of $123.62 – $128.01, indicating a mild amount of volatility over the last 24 hours. Trading volume has remained flat and totals $1.1 billion, while the total market capitalization trades around $8.4 billion, ranking the cryptocurrency in 13th place overall.
LTC/USD 4-hour chart: LTC prepares for another push lower?
On the 4-hour chart, we can see the Litecoin price preparing to move lower after a retest of several-week descending resistance trendline.
Litecoin price action trades in a strong bearish momentum after failing to move above the $150 mark at the end of July. From there, LTC/USD made the final attempt to move higher unsuccessfully and saw further lower highs from there,
This price action development resulted in an increasingly stronger bearish momentum until a rapid spike to the $105 mark, where previous support was seen. From there, LTC/USD quickly recovered more than 20 percent until the several-week descending resistance trendline was retested.
Currently, further upside pressure gets rejected, indicating that Litecoin price will reverse over the next 24 hours and start moving towards the $105 previous support. If a higher low can be established above $105, ADA/USD could start its way higher over the next weeks and finally reverse the several-month bearish market structure.
Litecoin Price Analysis: Conclusion
Litecoin price analysis indicates bearish momentum to follow over the next 24 hours as a new lower high was established overnight along the several-week descending resistance trendline. Therefore, we expect LTC/USD to move lower later today and try to test the $105 major support once again next week.
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