LTC/USD began the week on a strong note, pushing above the $125 level, as the bulls were fighting back for the first time in over two months. The level held for about a day, as bulls for the first time really pushed prices to the moon. The bulls pushed prices higher, and we saw a rally to as high as $139.89. Then, just as we saw a break above the recent high, the bears appeared and price collapsed to as low as $114.66.
Litecoin Price Analysis: LTC rapidly moves above $125, set for a breakdown today? Litecoin Price Analysis: LTC rapidly moves above $125, set for a breakdown today? In this article, we will analyze the technical analysis of Litecoin’s price. If you don’t know much about Litecoin or cryptocurrencies in general, you’ll learn a lot from this article.
Yesterday, the Litecoin price moved above $120, and at the time of writing, the Litecoin price was sitting at $123. With Bitcoin on the way out, investors have been moving their funds to other altcoins. Yesterday, Litecoin reached the top 100 coins list, and after Litecoin hit the heights of $120, investors started to make the switch from Bitcoin to Litecoin. Today, the Litecoin price is expected to make a new all-time high.. Read more about litecoin value and let us know what you think.
- Overnight, LTC continued to rise.
- The $125 barrier was breached earlier today.
- Later on, the Bulls are unable to maintain their momentum.
As another rapid surge higher was observed overnight, Litecoin price research suggests that negative momentum will follow later today. Furthermore, the market has risen nearly 20% without a major retreat, indicating that bulls have run out of steam and a reversal may occur later today.
Heat map of cryptocurrencies. Coin360 is the source of this information.
The cryptocurrency market has been trading in the green for the last 24 hours, owing to overnight positive pressure. Ethereum is up 4.49 percent, while Bitcoin is up 4.24 percent. Polkadot (DOT), on the other hand, has risen by 6.92 percent and is one of the top performers.
In the past 24 hours, the price of Litecoin has moved: Litecoin surged higher, setting a new lower high for the medium-term swing.
Over the past 24 hours, LTC/USD has moved in a range of $117.29 – $127.39, suggesting a high level of volatility. The overall trading volume has decreased by 5.31 percent to $1.1 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $8.38 billion, putting it in 13th position worldwide.
4-hour chart of LTC/USD: Is LTC due for another wave lower?
On the 4-hour chart, the Litecoin price is rejecting additional upside over the $125 level, indicating that bears are preparing to seize market momentum and push the price down to the $105 support next week.
4-hour chart of LTC/USD. TradingView is the source of this information.
Over the last several weeks, the price of Litecoin has been trading with a strong negative trend. LTC/USD has dropped more than 30% to the $105 low after a new medium-term swing downward high was set around $148.
Bulls immediately seized over after hitting $105 and have been pushing LTC/USD higher over the past several days. Overnight, the $125 barrier was breached, giving in a total gain of approximately 20%. As a result, the market is likely to get tired again this weekend, and we may anticipate the market to pivot downward.
This could push LTC/USD down next week, with the $105 mark serving as a key support level to be breached. We may anticipate Litecoin to start reversing the several-month negative price action pattern in the next weeks if it can make a higher bottom over $105.
Conclusion on the Price of Litecoin
Litecoin price research suggests that negative momentum will prevail over the weekend, as bulls have spent their energy after a 20% rise in recent days. As a result, we anticipate LTC/USD to flip later today and begin heading toward $105 significant support during the next week.
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