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

Litecoin Price analysis

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.

Litecoin Price Analysis: LTC spikes to $223, bulls looking to swiftly take over? 1
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.

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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