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Litecoin Price Analysis: LTC breaches $165 on its way towards major $191 target

Vechain Price Analysis

TL;DR Breakdown

  • Litecoin price is bullish after buyers built momentum overnight and cross $165
  • According to Coin Market Cap, Litecoin is ranked number 15 by market capitalization. 
  • At the time of writing, Litecoin is trading at $167 against the US dollar. 

Litecoin Price Analysis: General price overview

Litecoin price is bullish after buyers managed to build more momentum overnight and crossed the $165 price hurdle. The bulls are fighting to sustain an upward continuation towards the $170 region. 

Overall, the cryptocurrency market is trending with a bearish zone. Bitcoin has lost 3.72 percent over the last 24 hours, while ETH shed 5.24 percent. Dogecoin and Solana lost 10 and 8 percent, respectively. The best performer is lending protocol token ALPACA, which has gained 22 percent in the last 24 hours. 

Litecoin price movement in the last 24 hours:

In our Litecoin price analysis today, LTC/USD traded within a wide daily range of $162 – $170 after the bulls manage to breach resistance at $169 and briefly touched the $170 price range. The wide range suggests high price volatility, to the advantage of swing and day traders. 

Litecoin’s trading volume over the last 24 hours decreased by 9.34 percent totaling $2.2 billion. On the other hand, the coin’s market capitalization saw an 8.34 percent decrease that totals to $11.1 billion. According to Coin Market Cap, Litecoin is ranked number 15 by market capitalization. 

LTC/USD 4-hour chart: LTC breaches $170 and sets higher daily high

On the 4-hour Litecoin price chart, we can observe LTC/USD rapidly advance from $164 towards the $168 region. Resistance lies at $169, which is a big hurdle between the bulls and a price above $170. 

However, a new swing low was set during the early morning trading session at around $162, which marked a strong attempt by the bears to hijack Litecoin’s momentum. So far, Litecoin has gained over 60 percent into the $160 support level.

The August 7 breakout from a double bottom marked Litecoin’s next leg towards the major $191 target. There are chances of retracement towards the July ascending trendline near $163.92, after which the coin will bounce back into the $170 mark and probably sustain momentum against $190.  

At the time of writing, Litecoin is trading at $167against the US dollar. 

Litecoin price
Source: TradingView

Litecoin price analysis conclusion

Litecoin price analysis is bullish as the bulls attempt to push against the $170 price mark and set new highs.  Early this morning, the bulls were able to touch this high and actively build momentum for a long-term $191 target.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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