Litecoin Price Analysis: LTC peaks at $150, moves into retracement

Litecoin Price analysis

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • LTC/USD continued to retrace overnight.
  •  Closest support at $142.

Litecoin price analysis is bearish today as we expect more retracement to follow after a new high was set at $150. Likely LTC/USD will move to retest the $142 previous resistance as support later today.

Litecoin Price Analysis: LTC peaks at $150, moves into retracement 1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return over the last 24 hours. Bitcoin has seen a small gain of 0.12 percent, while Ethereum 0.73 percent. Litecoin (LTC) has meanwhile lost around 1 percent.

Litecoin price movement in the last 24 hours: Litecoin begins to retrace

LTC/USD traded in a range of $145.11 – $149.55, indicating substantial volatility over the last 24 hours. Trading volume has declined by 39 percent and totals $788.4 million, while the total market cap trades around $10 billion, ranking the coin in 22nd place overall.

LTC/USD 4-hour chart: LTC targets $142 next?

On the 4-hour chart, we can see the Litecoin price action continuing to decline so far today as bears look to retest the $142 previous resistance as support.

Litecoin Price Analysis: LTC peaks at $150, moves into retracement
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action has seen strong bullish momentum this week. After previously losing around 20 percent from the $152 previous major swing high, a new swing low was set above $120 on the 10th of January.

From there, LTC/USD quickly reacted higher, breaking above previous local highs and spiking to $142. After a brief retracement and a higher low set at $135, bullish momentum returned on the 14th of January.

This time, the Litecoin price action reached $150, meaning another clear higher high was set. Over the last 24 hours, LTC/USD has moved into retracement again, likely as bears look to establish another higher low.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish today as we saw selling pressure continue this morning. Therefore, LTC/USD will likely test the $142 resistance turned support next.

While waiting for Litecoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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