- LTC moved higher yesterday.
- $170 mark broken overnight.
- LTC/USD targets $180 resistance next.
Litecoin price analysis is bullish for today as bulls continued to push the market higher overnight and broke past the $170 resistance. Therefore, we expect LTC/USD to target the $180 mark next and start retracing from there later this week.
The cryptocurrency market trades with a strong bullish momentum over the last 24 hours. Bitcoin is up by 1.68 percent, while Etherem has gained 3.6 percent. Cardano (ADA) is among the best performers with a gain of 15.4 percent.
Litecoin price movement in the last 24 hours: Litecoin breaks through the $170 mark
LTC/USD traded in a range of $159.08 – $171.93, indicating strong volatility over the last 24 hours. Trading volume has decreased by 7.5 percent and totals $2.54 billion. Meanwhile, the total market capitalization trades around $11.38 billion, ranking the cryptocurrency in 15th place overall.
LTC/USD 4-hour chart: LTC targets $180 next
On the 4-hour chart, we can see the Litecoin price action continuing to move higher today as bulls target the $180 resistance next.
Litecoin price action has traded with a very strong bullish momentum over the last weeks. After the previous swing low around the $105 mark was retested on the 20th of July, LTC/USD started to rally and broke past the previous swing high around $148.
This price action development indicates that the medium-term price action structure has turned bullish once again. What followed was further upside over the past week, with the $170 resistance reached on Monday.
After some retracement yesterday, LTC/USD found support around the $160 mark and started to rally higher overnight. Litecoin price broke past the $170 resistance over the following hours and currently prepares to reach the next resistance at $180.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish for the next 24 hours as a new higher high was set earlier today after a strong rally overnight. Therefore, we expect LTC/USD to continue gaining ground and target the $180 resistance next.
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