Litecoin Price Analysis: LTC spikes to $223, bulls looking to swiftly take over?

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TL;DR Breakdown

  • Litecoin price analysis is bullish today.
  • LTC/USD set a strong lower low at $223.
  • Reaction higher likely to follow later today.

Litecoin price analysis is bullish today as we expect the market to recover after a strong selloff since midnight to have ended. Therefore, LTC/USD will likely head higher, with the first obvious resistance around $250 to be tested next.

Cryptocurrency heat map. Source: Coin360

The overall market saw a strong decline over the last 24 hours with the market leader, Bitcoin, down by 9.33 percent. Ethereum saw an even worse result, with a  loss of 10.53 percent, while the rest of the top altcoins followed.

Litecoin price movement in the last 24 hours: Litecoin drops 20 percent after peaking at $280

LTC/USD traded in a range of $224.92 – $275.26, indicating extreme volatility over the last 24 hours. Trading volume has increased by 11.74 percent and totals $3.724 billion, while the total market cap trades around $16.1 billion, ranking the coin in 14th place overall.

LTC/USD 4-hour chart: LTC looks to recover to $250?

On the 4-hour chart, we can see bullish momentum returning for the Litecoin price action, likely resulting in previous support at $250 tested as resistance later today.

Litecoin Price Analysis: LTC spikes to $223, bulls looking to take over?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price saw a strong advance over the past weeks. After an initial move higher at the beginning of November, LTC/USD peaked at $210 before setting a higher low at $190.

From there, a rapid advancement began, leading Litecoin to a new several-month high at $300. Retracement to $250 followed before lower high was set at $280. On the 13th of November, a slightly lower low was set, followed by a second test of upside, peaking at $280 again.

After the second test of $280, a sharp reversal began yesterday, leading to a quick drop lower and breaking the previous support area. Litecoin price finally peaked at $223, with rejection for further downside pushing LTC/USD higher as of now.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish as we expect recovery after a drop of 20 percent from the previous high at $280. Likely LTC/USD will find resistance at the $250 previous low next.

While waiting for Litecoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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.

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