- LTC resisted by the $280 resistance.
- Closest support at 260.
- Next support at $245.
Today’s Litecoin price prediction is bearish as an attempt to move higher overnight was unsuccessful. Therefore, we expect LTC/USD to move towards $260 support later today.
The cryptocurrency market has seen mixed results over the past 24 hours. Bitcoin is down by 2.5 percent, while Ethereum is up by almost 3 percent. Ripple has dropped by 6.15 percent, which is the biggest loss from the major altcoins. One of the best performances is seen for Chainlink, which is up by 10 percent.
Litecoin price prediction: Litecoin not ready to move higher, a retest of $260 support later today?
LTC/USD opened at $278 today after the market peaked around $280 early yesterday. Rest of the day, Litecoin traded lower until the market retested previous resistance as a support around $260. Another push higher was made overnight; however, bears took control again, and another rejection for further upside was made over the last hours.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $256 – $282, indicating a good amount of volatility. Trading volume has decreased by 5.86 percent and totals $6.9 billion. Meanwhile, the total market capitalization stands at $28 billion, ranking the cryptocurrency in 9th place overall.
LTC/USD 4-hour chart – LTC forms a double top at $280 before reversing again
On the 4-hour chart, we can see LTC/USD moving lower again. If the bearish momentum continues, we will see the $260 support retest again later today.
Overall Litecoin has regained its strength over the past weeks after spending the middle of March retracing from $230 to $170, resulting in a loss of slightly more than 25 percent. From the $170 support, Litecoin started pushing higher at the end of March.
During the first days of April, LTC/USD broke through the previous major swing high resistance around $230. From there, the market started building momentum with several higher highs and lows set over the past weeks. This Litecoin price action movement resulted in a new all-time high set just above $280 resistance.
After a retracement to the $260 mark, which previously acted as resistance, Litecoin moved higher again overnight. A further upside was rejected as soon as LTC/USD moved above the $280 mark. From there, LTC started retracing again as it looks to test the $260 support.
Therefore, further price action development depends on how the price will react after another retest of $260 support. If LTC/USD price breaks through the $260 level, we will likely see further downside towards the $245 mark, meaning that a much larger retarcement could be made over the next weeks. Alternatively, if the $260 support holds, we should see another higher high made later this week.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the $280 resistance was respected earlier today and the Litecoin price momentum shifted back to the downside. Therefore, we expect the $260 support retested over the next hours, and, if support is found, Litecoin will prepare for another push higher later this week.
While waiting for further Litecoin price action development, see our long-term Litecoin price prediction. To learn more about another great altcoin, Ethereum, see our guides on ETH gas prices and how to get Ethereum.
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.