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Litecoin Price Analysis: LTC bounces from $175 support, further upside to follow?

Litecoin Price analysis

TL;DR Breakdown

  • Litecoin price analysis is bullish.
  • LTC/USD saw a quick spike below $175 support.
  • Bullish momentum has returned this morning.

Litecoin price analysis is bullish today as a further downside was heavily rejected overnight, indicating that bulls are looking for more upside this week. Therefore, we expect LTC/USD to reach new highs over the next 24 hours.

Litecoin Price Analysis: LTC bounces from $175 support, further upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin, was up by 1.45 percent, while Ethereum has gained 0.32 percent. Meanwhile, Terra (LUNA) is the worst performer today, with a loss of 5.5 percent.

Litecoin price movement in the last 24 hours: Litecoin returns to $185 after a brief spike below $175 support

LTC/USD traded in a range of $173.73 – $185.08, indicating strong volatility over the last 24 hours. Trading volume has declined by 4.90 percent and totals $3.1 billion, while the total market cap trades around $12.6 billion, ranking the coin in 15th place overall.

LTC/USD 4-hour chart: LTC looking to reach $190 next?

On the 4-hour chart, we can see a strong bullish momentum return over the past hours, indicating that Litecoin price is looking to break higher.

Litecoin Price Analysis: LTC bounces from $175 support, further upside to follow?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action saw a strong beginning of October. From the previous swing high at $140, a gain of over 30 percent was seen to the $187 set on the 7th of October.

Since then, LTC/USD has retested the $175 previous resistance as support. A several-day consolidation has been formed, indicating that a new higher low is set, with resistance around $184.

Overall, this Litecoin price action development means that we should see further upside latest his week. Since the downside got heavily rejected overnight, we expect bulls to attempt to reach more upside over the next 24 hours.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish today as the downside was heavily rejected overnight, sending LTC towards previous highs. Therefore, we can assume LTC/USD will continue higher later this week. 

While waiting for Litecoin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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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