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Litecoin price prediction: LTC rebounds after failing to reach $120

Litecoin price prediction

TL;DR Breakdown

  • LTC has regained some of the loss seen yesterday.
  • Litecoin currently trades at $139.
  • Closest resistance around 61.8 percent Fibonacci level at $150.

Litecoin price prediction for today is bullish as the market continued to rebound after a strong sell-off yesterday. Litecoin currently trades at $139 on Coinbase

Litecoin price prediction: LTC rebounds after failing to reach $120 1

Cryptocurrency heat map by Coin360

The overall crypto market has recovered from the bearish momentum that was seen earlier. Most altcoins are in the green, with the main one, Ethereum, gaining 5 percent as it looks to retest the $1,400 resistance.

Litecoin Price Prediction: LTC to move lower once again?

LTC/USD opened at $129.65 after the price nearly hit the $120 support, set as a target in our previous Litecoin price prediction. Since then, Litecoin has moved higher and trades above $135 support once again.

The analyst believes Litecoin is bullish short-term as it needs to further retrace some of the loss seen earlier this week. However, once the retracement is completed, Litecoin movement should be bearish once again.

Litecoin price movement in the last 24 hours

Litecoin has traded in a range of $123.65 – $141.02 with a volume of $8.9 billion during the past 24 hours as it saw increased volatility. A sharp bearish wave towards $120 support created panic in the market. However, LTC/USD peaked at $121 and saw a clear rejection of further upside.

Litecoin Price Prediction

Litecoin price chart by TradingView

LTC/USD 4-hour chart – Litecoin to retrace some of the loss before continuing drop?

Litecoin saw a quick bounce after a strong bearish impulse over the past days. As mentioned in today’s Litecoin trend analysis, LTC continues to struggle for further upside. Therefore, the analyst expects further downside this week.

Currently, LTC/USD should continue its retracement towards the $150 area. The $150 area is crucial as it has several critical technical levels around it:

  1. The 61.8 Fibonacci retracement currently stands just below at $149.19.
  2. The 50 and 100 moving averages are located at $145.5 and $151.3, respectively.
  3. A minor resistance level around $153 has additional potential to hold Litecoin in place.

Litecoin could be an excellent opportunity for a short position if the $150 area of resistance is respected and rejected clearly. From there on, the next target to the downside is seen around $100.

The $100 price mark is crucial as it is both a psychologically significant number and strong previous support. Additionally, when measuring the previous bearish impulse for Litecoin, the $100 area is in line with the 50 percent Fibonacci extension level.

The current failure of Litecoin to reach the $120 support shouldn’t be taken as a sign that the market is ready to resume its mid-term bullish momentum. Both a lower high and a higher low has been set over the past week. Therefore, Litecoin might see a much longer reversal for the coming weeks.

Therefore, traders should wait as the market should continue to retrace some more. Once the $150 area is reached, Litecoin should offer an excellent short position entry.

Litecoin Price Prediction: conclusion  

Litecoin price prediction for today is bullish. However, it is a short-term prediction. For the remainder of January, the analyst expects further downside towards the previously mentioned $100 area.

Alternatively, if Litecoin manages to break above the $150 area powerfully, the current mid-term bullish momentum should continue. However, a new higher high needs to be set first above the $166 level, where Litecoin previously reversed to the downside.

Overall the conclusion is bullish for the upcoming 24 hours, and bearish for the remaining week.

For further reading, see our latest news on Bitcoin miners suffering from scarcity of Chips or check our latest guide on why Ethereum Gas Price is so high?

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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