- Litecoin price analysis is bullish today.
- LTC/USD is currently trading at $206.6
- Further downside currently rejected.
Today’s Litecoin price analysis is bullish, as we anticipate the present decline to establish a new low and for LTC to bounce back there. Consolidation might be expected before recovery is achieved, most likely in LTC/USD.
The present decline has reached the $200 mark and is currently trading at $206.6, which means that it is now rejected for further downside. It is expected to bounce back to where it is expected to consolidate before moving towards the $244 resistance level.
Litecoin price analysis suggests that LTC/USD will continue to move up
However, there is no identified resistance level until $244, but the likelihood of Litecoin price analysis reaching it is slim because the Stochastic Oscillators indicator doesn’t show any sign of reversal at this point. However, once the expected consolidation is over, we would see Litecoin price analysis hitting $244 and still beyond.
This is a bullish sign as it indicates that most likely LTC/USD will continue to move up, or at least consolidate there. Also, the 100 and 200 Hrs moving averages are moving up, which is another bullish sign.
Litecoin price movement in the last 24 hours: Litecoin spikes lower after consolidation around $200
LTC/USD traded in a range of $191.84 – $201.73, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24 percent and totals $1.67 billion, while the total market cap traded around $13.35 billion, ranking the coin in 18th place overall.
LTC/USD 4-hour chart: LTC set to reverse above $190?
On the 4-hour chart, we can see Litecoin price action rapidly reaching the $190 support over the past hours, with buying pressure slowly returning.
LTC/USD is now trading at the crucial $200 handle. Litecoin price analysis is currently bullish because it breached through its previously identified resistance level. Since this time LTC also traced a volume surge. Also, the Stochastic Oscillators indicator has reached and tested the overbought region, but it is expected to turn down; thus, confirming that LTC/USD will continue to move up.
Litecoin price analysis suggests that if the $200 level is reached it will most likely be reversed to below $190, which would mean further consolidation before continuing its bullish movement.
A new higher high was established on Monday, and the LTC/USD pair subsequently rose to a new high of $210. The market pivoted into a retracement after a second attempt to break higher.
Today’s price drop was far more significant than the previous days when the rate rose because of a sluggish downside slide over the prior days. However, the $190 support wasn’t broken, implying that we may be looking at a new low.
Litecoin Price Analysis: Conclusion
The present decline has tested the $200 handle and rejected further downside. Litecoin price analysis is bullish today because it’s trading above $200 handle. However, there is no identified resistance level until $244 at the moment; so, consolidation might be expected before reaching it.
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