Litecoin is currently in an ascending triangle consolidation pattern which formed in early December, with the first target being a major breakout towards $250. As the price approaches the breakout point, it will aim for a double-digit gain. The retest of the $135 support level confirms that the pattern is still intact and the price is about to move higher.
Litecoin (LTC) has been on a steady uptrend since October, but hasn’t seen a huge surge in the past couple of weeks. We had a brief pullback in late November that saw the price consolidate around $130, but it has since resumed its upward climb and is currently testing the support at $135.00. If this level holds, medium-term support is at $135.50, with a move towards $140.00 seen as very unlikely.
It seems the cryptocurrency markets are on an upswing again, with the majority of coins posting triple digit gains over the last week. One coin that has been able to buck the trend is Litecoin, which has continued to show resilience and patience with long term traders.. Read more about why litecoin is not going up and let us know what you think.
Summary of the situation- LTC peaked around $150 yesterday.
- Support lies around $135.
- The next target is $180.
The Litecoin price analysis for today is bullish as the market pulled back overnight and set up a new base near the $135 support. Therefore, we expect LTC/USD to rise to the next target of $180 later this week.
Heatmap for crypto-currencies. Source: Coin360
Overall, the cryptocurrency market has been in negative territory for the past 24 hours. Bitcoin is down 3.8 percent and Ethereum is down about 2.5 percent. The rest of the altcoins market follows this pattern with slightly lower results.
Litecoin price movement in the last 24 hours
The LTC/USD pair has fluctuated between $134 and $144, indicating significant volatility. Trading volume fell 6.7% to $1.7 billion. Meanwhile, the total market value is about 9.1 billion, which puts the cryptocurrency in 14th place overall.
4-hour chart for LTC/USD – Is LTC preparing for another rise?
The 4-hour chart shows that the Litecoin price has pulled back from the previous resistance level of $135 as support over the past 24 hours, which should lead to further gains later this week.
LTC/USD 4 hour chart. Source: TradingView
The overall market structure has remained bearish in recent weeks, following a sustained decline from previous highs around $200-220. The 22nd. June marked a major low for LTC/USD at $105, after which the market began to rise.
The first peak was recorded on the 25th. June for $135. LTC/USD then established a higher low and climbed to $150, suggesting the bulls are gaining momentum to overcome the next key resistance around $180.
Yesterday we saw LTC/USD move back down and retest the previous $135 resistance as support. With this, the Litecoin price has created a base from which a further rise will begin in the next 24 hours. This should lead to a new high above the $150 mark and further increases later in the month.
Litecoin Price Analysis: Supplement
Litecoin price analysis is bullish for the next 24 hours, as the market declined overnight and established a low high around $135. Therefore, we can expect LTC/USD to turn upward in the coming days and reach the $180 level.
In anticipation of Litecoin’s rise, read our guides on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.LTC/USD is currently retesting the $135 support zone, and is preparing to move higher overnight. LTC/USD is currently retesting the $135 support zone, and is preparing to move higher overnight.. Read more about litecoin predictions 2023 and let us know what you think.
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