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Litecoin Price Analysis: LTC swiftly moves for another test of $145 support, further downside to follow?

Litecoin Price Analysis

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • LTC/USD saw another decline overnight.
  • Litecoin looks to break below $145 support.

Litecoin price analysis is bearish today as another move lower led LTC back to the $145 support. Therefore, we expect LTC/USD to finally break lower and move to the $135 next support.

Litecoin Price Analysis: LTC swiftly moves for another test of $145 support, further downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market has seen a bearish momentum return over the last 24 hours. Bitcoin is down by 4.62 percent, while Ethereum has lost 6.44. The rest of the top altcoins follow Ethereum, with a loss of around 5-7 percent.

Litecoin price movement in the last 24 hours: Litecoin tests $145 again

LTC/USD traded in a range of $144.30 – $153.65, indicating strong volatility over the last 24 hours. Trading volume has declined by 15.67 percent and totals $2.7 billion, while the total market cap trades around $9.68 billion, ranking the coin in 17th place overall.

LTC/USD 4-hour chart: LTC set to finally break lower?

On the 4-hour chart, we can see Litecoin price action approaching previous lows as bears prepare to finally break the $145 support.

Litecoin Price Analysis: LTC moves for another test of $145 support, further downside to follow?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action has seen strong bearish momentum over the past weeks. After an initial drop on the 7th of September, LTC spiked to $160 and found support above $170.

Above the support, several days of consolidation followed, with the $190 mark as a resistance. On the 16th of September, a brief move higher resulted in a lower high set at $195, with another reversal to the downside from there.

Another drop of around 25 percent followed, with the $145 mark acting as a support this time. Over the past days, the Litecoin price action has consolidated above the support, with an increasingly tighter range formed. Overall, this could lead to another push lower over the next 24 hours.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for today as bears continued to prevent further upside overnight. Therefore, we expect the $145 to be tested today, which could lead to a break lower to the $135 next support.

While waiting for Litecoin to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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