- Litecoin price analysis is bearish today.
- LTC/USD saw a lower high set yesterday.
- $255 support is currently getting tested again.
Litecoin price analysis is bearish today as we expect the $255 support to finally break, opening up the way for a much deeper retracement over the next 24 hours. LTC/USD still needs further retracement before further upside can be tested after such a strong rally in the beginning of the week.
The cryptocurrency market traded with bearish momentum again. The market leader, Bitcoin, declined by 2.27 percent, while Ethereum by 3.24 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 33 percent.
Litecoin price movement in the last 24 hours: Litecoin tests $255 support again after a lower high set at $280
LTC/USD traded in a range of $256.86 – $281.95, indicating strong volatility over the last 24 hours. Trading volume has declined by 29.72 percent and totals $4.49 billion, ranking the coin in 14th place overall.
LTC/USD 4-hour chart: LTC to break below $255?
On the 4-hour chart, we can see bearish momentum returning for the Litecoin price action today, likely leading to further retracement over the weekend.
Litecoin price action saw strong bullish momentum return this week. After trading mostly sideways for the past weeks, LTC/USD finally set a strong higher low at $190 last weekend, leading to bullish momentum returning.
LTC/USD started to advance on Monday, with the $270 mark rapidly reached initially. After a slight pause, another spike followed on Wednesday, leading to a strong higher high set at $300.
Since then, the Litecoin price has retraced to $255 to retest it as support. Overnight, LTC/USD attempted to push higher again, peaking at $280 before quickly returning to the $255 support. Currently, the support gets tested again, likely leading to a break lower as further retracement is needed after a strong advance earlier this week.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish today as we saw a clear lower high set at $280, leading back to the $280 over the past hours. Therefore, we expect LTC/USD to break lower and test further downside over the next 24 hours.