- Litecoin price analysis is bearish today.
- LTC/USD saw more downside yesterday.
- Litecoin is set to continue retracing.
Litecoin price analysis is bearish today as another slight push lower was seen yesterday, resulting in a lower local high established overnight. Therefore, we expect LTC/USD to continue moving lower over the next 24 hours.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, gained 3.92 percent, while Ethereum lagged behind with a gain of 1.31 percent. Meanwhile, Dogecoin (DOGE) is among the best performers, with a gain of 10 percent.
Litecoin price movement in the last 24 hours: Litecoin tests further downside
LTC/USD traded in a range of $162.35 – $170.08, indicating strong volatility over the last 24 hours. Trading volume has declined by 0.68 percent and totals $2.75 billion, while the total market cap trades around $11.6 billion, ranking the coin in 17th place overall.
LTC/USD 4-hour chart: LTC looks to drop further?
On the 4-hour chart, we can see the Litecoin price action consolidating before another push lower is seen later today.
Litecoin price action has seen bullish momentum return over the past days. After a steady decline at the end of September established support around $145, LTC/USD began to show signs of exhaustion for further downside.
After one last push lower, the $140 mark was reached, with a strong bullish momentum returning from there. On the 30th of September, bulls pushed Litecoin price above $150, with further upside is seen on the 1st of October.
Over the weekend, LTC/USD set a new swing high at $174 after breaking past the previous resistance at $165, which now acts as a support. However, bulls seem exhausted after the strong rally, meaning that we should see LTC/USD retrace later this week to set a higher low.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish today as bullish momentum has become exhausted, and we have seen a lower high set. Therefore, we expect LTC/USD will continue lower over the next 24 hours.
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