Litecoin Price Analysis: LTC/USD bearish after correcting 4.70 percent downwards

Litecoin price

TL;DR Breakdown

  • Litecoinprice analysis is bearish for today.
  • LTC/USD continued to retrace overnight.

Today’s Litecoin price analysis is bearish after a 4.70 percent retracement that left the bulls hanging near the $165 support. LTC/USD buyers staged a strong rejection at the $169 mark, thereby rejecting further downsides. 

The overall cryptocurrency market is trading bearishly with market leaders BTC and ETH trading 1.00 and 0.48 percent down from yesterday’s price. The worst performer is C98 after losing more than 24 percent on the 24-hour chart. 

Litecoin price movement in the last 24 hours: Litecoin retraced lower

LTC/USD traded in a range of $167 – $180, indicating moderate volatility over the last 24 hours. Trading volume has decreased by 24.96 percent and totals $6.93 billion. Meanwhile, the total market capitalization trades around $83.26 billion, resulting in a market rank of 3rd place.

LTC/USD 4-hour chart: Should we expect further retracement or an uptrend? 

On the 4-hour Litecoin price analysis chart, we can see the price action for LTC/USD  finding support at the $170  mark after a retracement from the daily high of $180.

Litecoin price action has seen a rapid advance over the past month. After establishing a new swing low above the $190 mark, LTC/USD rallied by almost 60 percent, with the last swing high set below slightly below the $200 mark. 

Litecoin Price Analysis: LTC/USD bearish after correcting 4.70 percent downwards 1
Source: Tradingview

The rapid increase in market price was quickly followed by a  retracement of almost 13 percent to the $135  previous minor resistance level, which now acts as minor support. As long as the price of Litecoin maintains the upwards supports near $160 and $165, we expect reversal back to the upside later in the day. 

On the contrary, the daily RSI is signaling bearish weaknesses that might end up holding the bulls hostage and pulling the price towards the $150 mark. 

Alternatively, if the $160 support breaks, LTC/USD should see further downside, with the next minor support level around $135. Overall, we do expect Litecoin to hold the $165 support and regain the last 3-days losses.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for today as we can see the downward movement from $180 to $165. Therefore, we expect LTC/USD to reverse later today, as the bulls take a hiatus to prepare for the weekend. 

While waiting for Litecointo to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.
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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