Litecoin Price Analysis: LTC/USD set to break above $210 resistance
TL;DR Breakdown
- Litecoin price analysis is bearish today.
- LTC/USD is currently trading at $207.5
- Next resistance is found at $210.
The price of Litecoin has dropped over the past 24 hours, which indicates that the market is bearish. As a result, LTC/USD hasn’t yet discovered its bottom, implying that more loss is likely. First support comes in at $210, which is the next major landmark below the current price. We may continue to see Litecoin lose more of its value over the next few days if this holds.
After the buying frenzy yesterday, the price of Litecoin dropped as low as $199.98 overnight before finding some level of respite for now. This is a loss of 2.5% from yesterday’s close at $209.35 and means that Litecoin has now fallen over 8% in value since our last article. We currently see support at the psychological round number barrier of $200, which will need to hold if we see any positive movement this week. If it breaks, the next significant support lies around $205, which would be a 1-2% drop on top of the current loss. A failure here could lead to more selling pressure towards $200-$205, where we can expect support to be found. On the other hand, if $200 holds, we may see upward momentum towards $210.
This is a bearish outlook for Litecoin, so it isn’t surprising to see more selling pressure confirmed at this stage of the game. With that in mind, Litecoin is almost certain to break new lows for this week. Unless something drastic happens very soon, LTC/USD will drop below its key supports quickly and spend time trading within extremely oversold conditions (Ichimoku Kinko Hyo). This means there could be room for some buying sentiment later on during Asian trade today, according to our latest Litecoin price analysis.
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.
The Litecoin price has been in a bearish trend for the past several weeks. After another significant swing high was established at $300 on November 10, bearish momentum began to build.
On November 30, LTC/USD dropped to $220 after an initial retracement to $250. The second attempt began at the $280 mark and ended at $220.
The price of Litecoin has been fluctuating, but mainly in a negative way, for the past several days. Yesterday, the bearish momentum resumed after some correction, resulting in another drop during the night. The low was established at $215, likely leading to more reductions throughout the next 24 hours.
Litecoin Price Analysis: Conclusion
The drop in the LTC/USD rate has continued over the past 24 hours, and it seems that bears are gaining strength. After another lower low was established earlier today, we expect a further decline to follow. The next major support will be $210 for LTC/USD, where the price may move to test.
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