TL;DR Breakdown
- LTC moved above $180 yesterday.
- The market traded around the resistance overnight.
- Litecoin is set to retrace today.
Litecoin price analysis is bearish for today as the market reached above $180 yesterday and could not push any higher. Therefore, we expect LTC/USD to retrace later today and try to retest the $170 mark next.
The cryptocurrency market trades with mixed results over the last 24 hours. Market leader, Bitcoin has lost 0.52 percent, while Ethereum 1.8 percent. Meanwhile, Ripple (XRP) is among the best performers, with a gain of 16 percent.
Litecoin price movement in the last 24 hours: Litecoin traded above $180 overnight
LTC/USD traded in a range of $175.78 – $186.37, indicating mild volatility over the last 24 hours. Trading volume has declined by 10.2 percent and totals $2.4 billion. Meanwhile, the total market capitalization trades around $11.9 billion, resulting in market dominance of 14 percent.
LTC/USD 4-hour chart: LTC ready for a retracement?
On the 4-hour chart, we can see the Litecoin price action consolidating overnight as bears prepare to set another higher low later today.
Litecoin price action has seen a strong advance over the past weeks. After retesting the $105 previous support of the 20th of July, LTC/USD started to rally and broke past the $150 previous swing high.
Over the past week, bullish momentum continued, resulting in a total gain of over 75 percent to the current high of $186. However, further upside could not be reached overnight as LTC/USD started to consolidate sideways.
Therefore, we assume that the Litecoin price will retrace later today. The first support level is located at around 170. If LTC/USD can find support there, we expect a further rally next week, with the $200 mark as the next major target.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish for today as further upside could not be reached and consolidation around the $180 mark was seen overnight. Therefore, we expect LTC/USD to retrace later today and try to establish another higher low around the $170 mark next.
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