Litecoin price is starting to take a move higher after a short-term consolidation. LTC/USD traded above the $135 level, and formed a connecting bullish trend line on the hourly chart. The pair is now consolidating above the trend line, trading above the $140 level.
The Litecoin price retraced to $135 this week, and it looks like it’s poised to reverse course and head higher over the coming weeks. The market has already bounced off the support level marked by the $135/135 line, and it looks like we could see a rapid price rally to the upside over the coming week or so.
The altcoin market has been in a rough spot over the past few weeks. After a major pump to December’s high of $280, LTC has been on a sharp decline ever since. The price has been hovering between $120-$135, as the market tries to figure out where LTC is headed next.. Read more about litecoin forecast today and let us know what you think.
TL;DR Summary
- Yesterday, LTC retraced its losses.
- The present level of support is about $135.
- The price of Litecoin is about to test the upside once again.
The market has retraced over the past 24 hours and regained support around $138, making today’s Litecoin price analysis positive. As a result, we may anticipate LTC/USD to make another effort to go higher in the next 24 hours, perhaps reaching the previous high of $150.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been trading with a small negative trend. Ethereum is down about 4.34 percent, while Bitcoin is down 2.89 percent. With a loss of 5.88 percent, Polkadot (DOT) is among the worst performers.
The price of Litecoin has retraced to its prior low of approximately $138 in the past 24 hours.
Over the past 24 hours, LTC/USD has moved in a range of $136.65 to $145.00, showing high volatility. The overall trading volume has dropped by 13% to $1.39 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $9.23 billion, putting it in 14th position worldwide.
LTC/USD 4-hour chart: Is LTC gearing up for a new rally?
On the 4-hour chart, we can see Litecoin retesting its prior high of $138 in preparation for a push towards the $150 barrier.
4-hour chart of LTC/USD. TradingView is the source of this information.
After a new swing bottom was hit around $105 support on July 20th, Litecoin price has experienced significant upward momentum in recent weeks. LTC/USD then surged to the previous swing high of $148 before setting a slightly higher high of $150, implying a total gain of almost 40%.
LTC/USD began to retrace on Sunday, making a little higher bottom at $138. However, following some upward momentum yesterday, the price of Litecoin turned downward and began to search for further negative.
A little lower bottom was hit around $138 earlier today, with more downward rejection. Bulls want to test the $150 barrier again, thus this price action development should drive LTC/USD to another try to push higher later today.
Conclusion on the Price of Litecoin
The previous low of approximately $138 is now being challenged following a significant pullback overnight, and Litecoin price research predicts positive momentum to follow over the next 24 hours. As a result, we anticipate LTC/USD to gain traction and push higher to the $150 barrier level later this week.
While you’re waiting for Litecoin to drop, check out our articles on Satoshi Nakamoto, DeFi benefits, and Bitcoin fees.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
Litecoin has been on a steady downward trend since mid-December. Price action is clearly taking us lower; a weekly close below $140 should be enough to confirm a larger correction. What we are waiting for, however, is a much larger move lower, or at least, a closer look at the upper Bollinger Band. If we get the former, it could lead to a larger and more sustainable downward movement.. Read more about litecoin stock to flow chart and let us know what you think.
Related Tags
This article broadly covered the following related topics:
- litecoin analysis
- ltc technical analysis
- litecoin forecast today
- ltcusd
- litecoin 50-day moving average
