- LTC breaks $335 support, which now acts as a resistance.
- Closest support around $300.
- Next support at $280.
Today’s Litecoin price prediction is bearish as the market moves lower to retest the $300 support. If rejection for further downside is not seen later today, we expect LTC to move towards the next support at $280.
The market has declined over the past 24 hours. Bitcoin trades below the $50,000 mark, with a loss of 11 percent, while Ethereum has lost 10 percent. Filecoin (FIL) is among the worst performers, with a 16.5 percent loss.
LTC/USD opened at $311 after a strong decline to the $300 mark yesterday. Right now, Litecoin price starts to move lower again, potentially resulting in further lows set over the next 24 hours.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $300.36 – $359.67, indicating large volatility. 24-hour trading volume has spiked by 27.5 percent and totals $10.2 billion. Meanwhile, the total market cap trades at $20.7 billion, ranking the cryptocurrency in 11th place overall.
LTC/USD 4-hour chart – LTC moves lower after retesting the $335 resistance
On the 4-hour chart, we can see Litecoin pushing lower over the past hours to retest the $300 support again.
Litecoin has seen good performance over the past weeks as it rallied by more than 90 percent from the $217 support to the $413 current all-time high. From there, the market reversed to retest the $335 support and attempted to move higher with a failure. A lower high was set, and LTC/USD quickly moved past the $335 support until the $300 mark was reached.
Overnight, Litecoin regained some of the loss and retested the $335 previous support as a resistance. Currently, the market moves lower once again and trades close to the $300 support.
Therefore, we are likely to see the Litecoin push lower over the next hours and reach the next major support at the $280 mark. In April, the $280 level served as a very strong resistance, meaning we could see the Litecoin price action reverse around this price area.
If a new major swing higher low is set around the $280 support, we could see Litecoin price prepare for another major, several-week bullish upswing. The next major price target is located around the $500 mark, meaning a potential gain of around 60 from the current price mark.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the market moves lower after retesting $335 resistance earlier today. Therefore, we expect LTC/USD to attempt another push lower to the next support around $280.
While waiting for further Litecoin price prediction, see our articles on other major altcoins – Ethereum Classic and Monero. To learn more about how to store your crypto, see our wallets guide for 2021.
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.