- Litecoin price analysis is bullish.
- LTC/USD retested previous resistance at $175 as support.
- Litecoin currently prepares for another push higher.
Litecoin price analysis is bullish today as another higher high and low was set over the past days. As LTC/USD currently tests previous resistance as support, we assume more upside will follow over the next 24 hours.
The overall cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.75 percent, while Ethereum was up by 0.5 percent. Meanwhile, Terra (LUNA) is among the top performers, with a gain of 5.61 percent.
Litecoin price movement in the last 24 hours: Litecoin retests $175 as support
LTC/USD traded in a range of $175.48 – $186.70, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 8 percent and totals $3.56 billion, while the total market cap trades around $12.36 billion, ranking the coin in 15th place overall.
LTC/USD 4-hour chart: LTC targets $190 next?
On the 4-hour chart, we can see the Litecoin price action establishing a base from which to push higher later today.
Litecoin price action spent most of September in bearish momentum. However, after a new low was set around $140 at the end of the month, bullish momentum started to pick up again.
LTC/USD saw a rapid advance on the 1st of October, resulting in a move to $175 resistance. After some consolidation during the beginning of the week, a quick spike higher was set on Wednesday, leading LTC to $185.
Since then, Litecoin price has slowly retraced to the $175 previous resistance to retest it as support. Unless LTC/USD breaks below the support, we expect another rally over the next 24 hours.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish as a new higher low was set at the previous resistance of $175 overnight. As long as the support holds, we expect LTC/USD to continue higher over the next 24 hours, with the next upside target being the $190 resistance.
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