- Litecoin price analysis is bullish.
- LTC hiked to $175 support.
- The bulls are back in control this morning.
The LTC/USD pair is presently in a strong uptrend as another decline was harshly rejected overnight, suggesting that bulls are seeking more upside this week. As a result, we anticipate LTC/USD to rise even higher over the next 24 hours. Meanwhile, we believe that LTC/USD is expected to surpass the $200 resistance.
Litecoin price movement in the last 24 hours: More Upside in Sight
From yesterday’s low at around $171.85, the Litecoin price started steadily rising,,s the market opened up today by about 3%. After hitting a high of almost $178, the LTC/USD pair fell sharply below $175 support. This was a clear indication that bears are most certainly not yet finished.
However, buyers unwilling to let go defended the area around $175 and quickly pushed prices higher. The market closed above this critical support, but bulls could only reach a high of roughly $178 before falling again to $174.90.
LTC/USD 4-hour chart: LTC looking to reach $190 next?
We can see a strong bullish momentum return on the 4-hour chart in the previous hours, implying that Litecoin’s price is about to break higher.LTC/USD 4-hour chart. Source: TradingView
The chart above shows that LTC/USD might soon retest highs and possibly break above them as buyers remain in control. Meanwhile, RSI is moving up without hitting overbought levels. Stochastic also shows signs of bull pressure as the indicator is once again moving north. If the pair continues to rise, momentum will increase and possibly lead to an extended run higher.
As of now, the pair is trading at around $176 and it looks like this could be the final push higher as bulls are expected to reclaim yesterday’s high within a few hours. Therefore, we remain bullish with our eyes on more gains in LTC/USD today. Above $178, the next target awaits at $200, where we expect solid offers. For those looking to go long now, it is recommended to set a buy order somewhere around $178 with a stop-loss below $160.
Litecoin Price Analysis: Conclusion
As you can see from the chart above, Litecoin’s price retraced sharply yesterday to find support at $175. The pair is now approaching $178, where we expect bulls to continue their advance for more gains.
Therefore, we recommend buying LTC/USD around $178 with a stop-loss just below $150. Once there’s a break above $178, the market is likely to continue rallying towards $190. On the flip side, if bears manage to push prices back below $175 again, it would be wise to wait for a new higher low formed before jumping in.
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