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Litecoin Price Analysis: LTC breaks $180, slowly prepares to retrace?

Litecoin Price analysis

TL;DR Breakdown

  • LTC moved above $180 yesterday.
  • The market traded around the resistance overnight.
  • Litecoin is set to retrace today.

Litecoin price analysis is bearish for today as the market reached above $180 yesterday and could not push any higher. Therefore, we expect LTC/USD to retrace later today and try to retest the $170 mark next.

Litecoin Price Analysis: LTC breaks $180, slowly prepares to retrace? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Market leader, Bitcoin has lost 0.52 percent, while Ethereum 1.8 percent. Meanwhile, Ripple (XRP) is among the best performers, with a gain of 16 percent.

Litecoin price movement in the last 24 hours: Litecoin traded above $180 overnight

LTC/USD traded in a range of $175.78 – $186.37, indicating mild volatility over the last 24 hours. Trading volume has declined by 10.2 percent and totals $2.4 billion. Meanwhile, the total market capitalization trades around $11.9 billion, resulting in market dominance of 14 percent.

LTC/USD 4-hour chart: LTC ready for a retracement?

On the 4-hour chart, we can see the Litecoin price action consolidating overnight as bears prepare to set another higher low later today.

Litecoin Price Analysis: LTC breaks $180, slowly prepares to retrace?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action has seen a strong advance over the past weeks. After retesting the $105 previous support of the 20th of July, LTC/USD started to rally and broke past the $150 previous swing high.

Over the past week, bullish momentum continued, resulting in a total gain of over 75 percent to the current high of $186. However, further upside could not be reached overnight as LTC/USD started to consolidate sideways.

Therefore, we assume that the Litecoin price will retrace later today. The first support level is located at around 170. If LTC/USD can find support there, we expect a further rally next week, with the $200 mark as the next major target.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for today as further upside could not be reached and consolidation around the $180 mark was seen overnight. Therefore, we expect LTC/USD to retrace later today and try to establish another higher low around the $170 mark next.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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