- LTC found resistance at $245.
- First support at $230.
- Second support at $217.
Today’s Litecoin price prediction is bearish as the market rejected further upside close to the previous all-time high of $247 and peaked at $244. Over the past hours, the market saw strong selling pressure, resulting in the previous resistance of $230 being retested as support.
Cryptocurrency heat map. Source: Coin360
The crypto market traded with mixed results over the last 24 hours. BTC and ETH are both down by slightly more than 1 percent. Meanwhile, some of the major altcoins such as BNB, XRP, VET, and LTC have gained ground by 6-9 percent. The worst performance is seen for Filecoin (FIL), which is down by 13.6 percent.
Litecoin price prediction: Litecoin fails to break above $245 all-time high, set to retrace today?
LTC/USD opened at $237.23 today after a very strong rally yesterday took the market to test the previous all-time high at $245. Overnight some rejection was made for further upside, and we can expect the Litecoin price action to retrace further over the next 24 hours.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $217.63 – $244.52 over the last 24 hours, indicating large volatility. Trading volume has spiked by 87.52 percent and totals almost $10 billion. The total market cap has moved to $15.6 billion, ranking the cryptocurrency in 9th place overall.
LTC/USD 4-hour chart – LTC finds resistance below $245 and moves to retest $230 as the first support level
On the 4-hour chart, we can see the Litecoin price action moving sideways as it retests $230 support and $245 resistance, forming a consolidation. Therefore, we could see a move downside later today.
As mentioned in our previous Litecoin price prediction, the market has moved substantially over the last few days. The previous all-time high around $245 was tested late yesterday after the $230 resistance was broken.
Overall, Litecoin has seen strong bullish momentum return over the past weeks. After setting a new major higher low at $170 on the 25th of March, Litecoin started trading higher over the next week until the $217 resistance was reached, resulting in an overall gain of around 28 percent.
Over the following day, LTC/USD saw a sharp retracement of over 10 percent until support was found around $195. From there, the Litecoin price momentum reversed back to bullish and, after some consolidation between $200-$205, started pushing higher.
Since then, Litecoin gained around 25 percent to the high of $245, where the previous all-time high was set. LTC/USD retested both the $245 resistance and $230 previous resistance turned support during the last hours. Therefore, we are likely to see the market retrace further as further upside seems to be rejected. The next major support level is located around the $217 mark, meaning that we are likely to see another drop of around 6-7 percent.
Once the support is reached, LTC/USD will likely start to build a base from which to attempt another major upswing higher, as bulls are eager to finally break the previous all-time high at $247. Alternatively, if the $230 support level continues holding the market in place, another push higher could be seen later today.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the resistance at the previous all-time high of around $245 was met with a rejection yesterday. Right now, the Litecoin price action consolidates as it looks to break the $230 support, which previously acted as a resistance. If it breaks, we should see LTC/USD move to the next support at $217 over the following days.
While waiting for further price action development, read our long-term Litecoin guide and comparison article of Litecoin vs Bitcoin. To see our price prediction for another great altcoin, see our EOS long-term guide.
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.