- Litecoin showed signs of short-term support forming at $165
- LTC/USD pair showed greens after falling as low as $162 over the last 24 hours
- $200 mark seems a realistic target for year end
Litecoin price analysis suggests that the cryptocurrency is set to find short-term support above the $165 mark. After falling yesterday near $160, bulls have spanned the LTC market over the last 24 hours. The highs of the past week that propelled LTC up into the late $170s broke yesterday as sellers moved as low as $162.66.
However, support kicked in around that mark and the 6th largest cryptocurrency in the world quickly raced back above the new expected support level of $165. At the time of writing, the LTC/USD pair stands just below $170 at $169.83 and looks to build momentum from here for the short-term.
After a few days, the major cryptocurrencies faced slight corrections over the past 24 hours. Bitcoin (BTC) dropped from 0.3 percent from the psychological figure of $46,000 to stand at $45,728. Similarly, Ethereum (ETH) dropped 1.7% down to just above the coveted $3000 mark.
Altcoins faced similar corrections, apart from Cardano (ADA), that went up 4 percent to stand at $2.24. The biggest dent was seen in Solana (SOL) after its pullback from an earlier ascent into the top ten cryptocurrencies by market cap.
Litecoin price analysis: Positive re-enforcement entering the market over the past 24-hours
The 24-hour market behaviour for LTC suggests that bulls are trying to re-enforce the price around the $170 mark. After a downturn yesterday as price touched as low as $163 at one point, bulls entered to close the day at $166.75, exhibiting a bullish hammer pattern. As expected, the past 24 hours have shown greens which suggests there has been more buying in the market.
Despite the new apparent short-term support at $165, the Bollinger bands’ upper value still caps at $190, suggesting we’re still far off from the $200 mark.
LTC/USD pair showing mixed behavior in 4-hour chart
The past 4 hour candlesticks for LTC/USD trade suggests mixed behavior, where after initial continuation of bearish patterns from yesterday, the pair bounced back to reach the coveted $170 mark. However, the relative strength index (RSI) stands just above 60, which suggests that the current trends are overvaluing the asset. From the 4-hour trends, it can be suggested that volatility is kicking in and the current uptrend is due short-term, before some correction kicks in and previous support at $165 is rebuilt.
Litecoin price analysis: Conclusion
Litecoin is set to find a new support level at around $165, according to the positive market trend observed over the past 24 hours. According to current trend, bulls have entered the market and are trying to push over the $170 mark, and successfully doing so over the short term.
However, a minor correction seems to be in order before the next push and some selling is expected. In the long-term, the next goal remains the $200 mark, expectations of which have gathered greater momentum after a positive last few days for the token.
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