Cryptopolitan

TL;DR Breakdown

  • LTC peaked at around $150 yesterday.
  • Support found around $135.
  • Next target at $180.

Litecoin price analysis is bullish for today as the market retraced overnight and established a new base of around $135 support. Therefore, we expect LTC/USD to push high over the rest of this week to reach the $180 target next.

Cryptocurrency heat map. Source: Coin360

The overall crypto market trades in the red over the last 24 hours. Bitcoin has decreased by 3.8 percent, while Ethereum around 2.5 percent. The rest of the altcoin market follows this pattern of slightly bearish results. 

Litecoin price movement in the last 24 hours

LTC/USD moved in a range of $134 – $144, indicating a substantial amount of volatility. Trading volume has decreased by 6.7 percent and totals $1.7 billion. Meanwhile, the total market cap stands at around 9.1 billion, ranking cryptocurrency in 14th place overall. 

LTC/USD 4-hour chart – LTC prepares to move higher again?

Looking at the 4-hour chart, we can see the Litecoin price retracing over the last 24 hours to retest the $135 previous resistance as support, which should lead towards further upside later this week.

Litecoin price analysis: Litecoin retests $135 as support, prepares to move higher overnight?
LTC/USD 4-hour chart. Source: TradingView

The overall market structure is still bearish over the past weeks after a steady retracement was seen from the previous highs around $200-$220. On the 22nd of June, LTC/USD set a substantial lower low at $105, from there, the market started heading higher.

The first swing high was set at $135 on the 25th of June. From there, LTC/USD set a higher low and moved higher to the $150 mark, indicating that bulls are building momentum to breach the next major resistance around $180.

Yesterday, we saw LTC/USD retrace lower again and retest the $135 previous resistance as support. Therefore, Litecoin price has established a base from which to start pushing higher again over the next 24 hours. This should lead towards another higher high above the $150 mark and further upside later this month.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish for the next 24 hours as the market has retraced overnight and established a higher low, around $135. Therefore, we can expect LTC/USD to reverse back to the upside and start pushing higher over the next few days to the $180 mark.

While waiting for Litecoin to move higher, read our guides on DeFi advantages, Bitcoin fees, what you can buy with Bitcoin.

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.

(Excerpt) Read more Here | 2021-07-01 11:18:17
Image credit: source

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