Litecoin Price Analysis: LTC swiftly drops below $220, bottom not yet found?

Litecoin Price analysis

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • LTC/USD set further lows overnight.
  • Next support at $210. 

Litecoin price analysis indicates bearish momentum to follow as further downside was reached earlier today. Therefore, LTC/USD has not yet found the bottom, meaning that further downside can be expected.

Litecoin Price Analysis: LTC swiftly drops below $220, bottom not yet found? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bearish momentum over the last 24 hours. Bitcoin declined by 1.79 percent, while Ethereum dropped 1.23 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 16 percent.

Litecoin price movement in the last 24 hours: Litecoin continues to decline, breaks past $220 previous support

LTC/USD traded in a range of $213.94 – $233.92, indicating substantial volatility over the last 24 hours. Trading volume declined by 25.46 percent, totaling $2.47 billion. Meanwhile, the total market cap traded around $15 billion, ranking the coin in 14th place overall.

LTC/USD 4-hour chart: LTC looks to test further downside?

On the 4-hour chart, we can see the Litecoin price still declining as bears look to test further downside.

Litecoin Price Analysis: LTC drops further, bottom not yet found?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action has seen bearish momentum return over the past weeks. After a new major swing high was set at $300 on the 10th of November, bearish momentum started to pick up.

After initial retracement to $250, LTC/USD saw a further attempt to move higher end at the $280 mark twice. On the 15th of November, a sharp drop lower followed the last time, leading Litecoin to $220.

After some correction yesterday, bearish momentum resumed later in the day, leading to another drop overnight. The lower low was set at $215, likely leading the Litecoin price action towards further drop over the next 24 hours.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish today as we expect further downside to follow after another lower low set earlier today. Likely LTC/USD will move to test the $210 mark as the next major support.

While waiting for Litecoin to move further, read our guides on eToro vs Coinbase, How to mine Litecoin Classic, and Litecoin vs Cardano.

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Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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