- LTC continued to rally yesterday.
- $170 mark reached overnight.
- Litecoin prepares for another rally.
Litecoin price analysis is bullish for today as a slight retracement was seen earlier today after a rapid move to the $170 resistance yesterday. Therefore, we assume LTC/USD will continue moving higher and target the $180 resistance next.
The cryptocurrency market trades in the green over the last 24 hours. Market leaders, Bitcoin and Ethereum, are up by 1 and 2.8 percent, respectively. Litecoin is among the best performers, with a gain of 6.6 percent.
Litecoin price movement in the last 24 hours: Litecoin tests the $170 mark
LTC/USD traded in a range of $156.73 – $170.39, indicating strong volatility over the last 24 hours. Trading volume has increased by 59 percent and totals $2.84 billion, while the total market capitalization trades around $11.15 billion, ranking the cryptocurrency in 15th place overall.
LTC/USD 4-hour chart: LTC targets $180 resistance next?
On the 4-hour chart, we can see the Litecoin price action consolidating today as bulls gather momentum for another push higher.
Litecoin price action has continued to rally along with the several-week bullish price momentum. Since the last major swing low around $105, LTC/USD has gained more than 60 percent and reached the $170 mark.
The previous upswing, seen yesterday, resulted in another 15 percent spike higher, indicating that the overall market momentum is still strong. However, after reaching the $170 mark, LTC saw a slight retracement.
Today, LTC/USD has spent consolidating around the $165 mark, which should lead Litecoin towards further upside over the next 24 hours. The next target to watch is around $180, which would result in a further gain of around 7.5 percent from the current price.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish as bulls continued to set further highs over the last 24 hours and reached the $170 mark. Today, LTC/USD saw a slight retracement and consolidation around $165, which should lead towards another attempt to push higher later today, with the $180 resistance as the next target.
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