- 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.
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.
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