- LTC breaks support at $195.
- Next resistance at $205.
- 100 MA offers additional resistance.
Today’s Litecoin price prediction is bearish as the market has extended over the last 24 hours and reached the next resistance area around the $195 mark. Right now, Litecoin attempts to retest the previous high at $198, indicating that we could see another slight higher high before the market reverses for a much more substantial retracement.
Cryptocurrency heat map. Source: Coin360
The overall market is in the green and has moved higher over the past hours. Best performance from the significant altcoins is seen for Binance Coin (BNB) and Tezos (XTZ), which are up by 8.4 and 6.1 percent. Market leader Bitcoin trades at $58,706 and has a market dominance of 60.66 percent.
Litecoin price prediction: Litecoin retest $198, reversal to follow?
LTC/USD opened at $193.68 after a strong rally yesterday. Currently, Litecoin has found resistance around previous support around $195-$198. Over the last hours, Litecoin has attempted to push retest the $198 mark after retesting support at $190. Therefore, if the further upside is rejected again, we will likely see a retracement over the next few days.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $191 – $197, indicating a good amount of volatility. Trading volume has increased by 12.29 percent and totals $3.5 billion. The total market cap stands at $13.14 billion, ranking the cryptocurrency in 9th place overall.
LTC/USD 4-hour chart – Litecoin retesting $198
On the 4-hour chart, we can see that Litecoin retraced towards $190 minor support and currently attempts to move higher again towards the previous local swing high of $198.
LTC/USD 4-hour chart. Source: TradingView
Overall, Litecoin has seen a very slow and considerable decline over the past two weeks. After the market set a new swing-high at $230 on the 13th of March, LTC/USD reversed and declined by more than 26 percent. Litecoin price finally found support on the 26th of March, around $179.
From there, the LTC/USD price structure consolidated in a range for almost 24 hours, before reversing to the upside. The price returned above the $180 mark and, after retesting it twice, continued higher yesterday. Right now previous resistance area around $195-200 is tested. If LTC/USD manages to break through it, we should see a lot more upside this week.
However, a likely scenario could be that the Litecoin price momentum retests the previous high and reverses back to the downside to set a more substantial retracement. This would allow Litecoin price to build a base from which to move higher later this week since the current bullish momentum has likely exhausted itself.
To break the next significant resistance around $205, LTC/USD will have to build another retracement and consolidation base over the upcoming days. Therefore, the overall expectation is that the Litecoin price will retrace lower over the next few days.
Once the major resistance at $205 is broken, we should see Litecoin push much higher towards the previous high, around $230, meaning that there is a lot of room ahead after the resistance at $205 is broken.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the market retests previous swing high at the $198 mark. As long as the resistance holds, we should see LTC/USD reverse back to the downside over the next 24 hours and retrace some of the previous gains.
While waiting for further Litecoin price action development, see our long-term Litecoin price prediction. To learn more about one of the most famous altcoins, see our guide on how to mine Dogecoin and its long-term price prediction.
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