- Litecoin price analysis is bullish for today.
- LTC/USD continued consolidating above $165 overnight.
- Litecoin is ready for a reversal.
Litecoin price analysis is bullish today as the market has consolidated around the $165 support overnight after a substantial decline earlier this week. Therefore, we assume LTC/USD will reverse over the next 24 hours and look to regain some of the loss.
The overall market trades with a slightly bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both up around 0.7 percent. Solana (SOL) is the best performer, with a gain of 23.9 percent.
Litecoin price movement in the last 24 hours: Litecoin still holds above $165 support
LTC/USD traded in a range of $165.40 – $172.31, indicating mild volatility over the last 24 hours. Trading volume has increased by 37 percent and totals $2.42 billion, while the total market cap trades around $11.28 billion, ranking the coin in 15th place overall.
LTC/USD 4-hour chart: LTC set to reverse from the $165 support?
On the 4-hour chart, we can see the Litecoin price preparing to reverse higher as the $165 mark has offered strong support.
Litecoin price action has seen an increase of over 80 percent from the previous swing low of $105. However, further upside could not be reached over the last weekend, with only a slightly higher high set.
This Litecoin price action development resulted in another retracement this week. The previous support, around $165, was reached yesterday and so far has provided strong support.
Overall, unless the $165 support breaks, we can expect LTC/USD to reverse over the weekend and start its way back to the $190 major resistance. Once the $190 breaks, the next target for Litecoin to breach is the $200 mark.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish today as the market continues to respect the $165 support after a strong decline earlier this week. Therefore, we assume that bears are exhausted, and LTC/USD will look to regain some of the loss over the next 24 hours.
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