Cryptopolitan

TL;DR Breakdown

  • LTC moved lower overnight
  • LTC/USD broke previous support of $135.
  • A further downside is expected later this week.

Litecoin price analysis is bearish today as the market saw a sharp decline over the last 24 hours. Previous support around $135 was broken without hesitation, indicating that the market likely prepares for a lot more downside over the next days.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin lot around 6 percent, while Ethereum 8.4 percent. The rest of the market trades with a similar bearish performance of 6-9 percent.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $129 – $141, indicating a good amount of volatility. Trading volume has decreased by 4 percent and totals $1.575 billion. Meanwhile, the total market capitalization stands around $8.7 billion, ranking the cryptocurrency in 14th place overall.

LTC/USD 4-hour chart – LTC spikes lower again

On the 4-hour chart, we can see the Litecoin price starting to decline even further after a lower high was set earlier this week.

Litecoin price analysis: LTC spikes to $130, a retest of $135 support later today?
LTC/USD 4-hour chart. Source: TradingView

The overall market still trades within a strong bearish momentum over the last few days. After some recovery at the end of July, during which previous major support around $150 was retested as a resistance, ETH failed to breach further highs.

What followed was a consolidation above the $135 support over the past days and a quick spike lower overnight. This Litecoin price action development has resulted in a reversal for the medium-term trend, indicating that we can expect the $120 mark tested over the next few days.

From there, LTC/USD will likely set another lower high and push towards further downside from there. The next major support target is located around $95 and could be reached by the end of this month.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for today as a clear lower high was set yesterday and the market moved lower from there past the $135 support. Therefore, we can expect LTC/USD to see further downside later this week with the $120 mark as the next target. 

While waiting for Litecoin to move 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 | 2021-07-08 03:39:45
Image credit: source

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