Cryptopolitan

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.

Cryptocurrency heat map. Source: Coin360

The overall market trades with a slight bullish result over the last 24 hours. Bitcoin has increased by 0.36 percent, while Ethereum by 1.46 percent.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $130.92 – $135.35, indicating a moderate amount of volatility. Trading volume has decreased by 15.88 percent and totals $1.239 billion. The total market capitalization stands around $9 billion, ranking the cryptocurrency in 13th place overall.

LTC/USD 4-hour chart – LTC prepares to push lower?

On the 4-hour chart, we can see the Litecoin price retesting the previous support as resistance in preparation for another move lower.

Litecoin price analysis: LTC retests $135 again, prepares for another push lower?
LTC/USD 4-hour chart. Source: TradingView

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.

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 | 2021-07-11 04:13:47
Image credit: source

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