Litecoin price action is a roller coaster ride that has been going on for a long time. In the past two weeks, the Litecoin price has retested the $135 support level, and the $135 level has also been tested several times. While I would have expected that the Litecoin price has already been dropped to the $130 levels by now, it looks like this is still not the case. Let’s see if the Litecoin price can break the $135 level and if it will cause any reaction to the $140 level, where this Litecoin price level has been tested before.
Litecoin Price Analysis: LTC Retests $135 Again, Prepares for Another Aggressive Push Lower? Litecoin (LTC) retested the $135 handle in late-May and early June, and today, the cryptocurrency once again has a chance to break free of the $135 support level, as the crypto prepares for another aggressive push lower.TL;DR Breakdown
- LTC consolidates below $135 overnight.
- Market attempts to break higher again.
- Litecoin to target $120 support next.
Litecoin price analysis is bearish for today as the market tests the $135 and fils to move any higher as of now. Therefore, we can expect LTC/USD to push lower to the $120 mark early next week.
The overall market trades in an increasingly more bearish momentum over the past week. After LTC/USD set a higher high at the end of June, the market retraced and attempted to reach further highs at the beginning of June.
After several days of bullish pressure, LTC could not move past the $150 mark and established a double top reversal pattern. What followed was a several-day consolidation and a spike lower from there.
A lower low was set around the $128 mark and Litecoin retraced some of the loss to retest the $135 support as a resistance. Therefore, we can expect that further upside will not be seen later today and the market will start trending lower again to the $120 support.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish for the next 24 hours as the market found resistance around the $135 mark and prepares to push lower to the $120 support next. This means that we can expect LTC/USD to set another lower low and reach lower over the remainder of this month.
While waiting for Litecoin to push lower, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.
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