Litecoin price prediction: Litecoin spikes to $200, ready to breach $220?

  • LTC retested support at $170 overnight.
  • A slightly higher high set over the last 24 hours.
  • Next resistance at $220.

Today’s Litecoin price prediction is bullish as the market continues moving higher over the last 24 hours. The previous support at $170 was retested overnight, and further upside followed. From there, the market should move to break the $220 resistance over the next 24 hours.

Litecoin price prediction: Litecoin spikes to $200, ready to breach $220?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin is up by 4 percent, while Ethereum by 7 percent. VeChain is among the best performers, with a gain of over 16 percent.

LTC/USD opened at $183.95 today after consolidating yesterday and briefly retesting support at $170. Therefore, we should see another attempt to move higher later today to the $220 mark.

Litecoin price movement in the last 24 hours

The LTC/USD price moved in a range of $170 – $204, indicating a moderate amount of volatility for the cryptocurrency. The trading volume has decreased by 16.2 percent over the last 24 hours, while the total market cap stands at $12.8 billion, ranking the cryptocurrency in 15th place overall.

LTC/USD 4-hour chart – LTC moves higher again

On the 4-hour chart, we can see the Litecoin price action moving higher over the last 24 hours, with a higher high set earlier today.

Litecoin price prediction: Litecoin spikes to $200, ready to breach $220?
LTC/USD 4-hour chart. Source: TradingView

The overall market continues moving lower after setting a new all-time high at the $413 mark last month. From there, LTC/USD has retraced over 70 percent and established a new major swing low at $120. Therefore, bears are likely exhausted, and we can expect the market to retrace in a major way over the next few days.

Looking at the price action over the past week, we can see that bears managed to set only a slightly lower low on the previous push down. This means that the current push higher above the $200 could be the last lower high we see. From there, LTC/USD should establish a higher low and move forward with regaining the loss seen over the past weeks.

The first strong signal for a market reversal would be a clean break above the $220 resistance. From there, the Litecoin price should set a higher low and start to trend higher.

However, the best option is to wait for further Litecoin price action development as entering the market could mean further losses taken over the next days.

Litecoin Price Prediction: Conclusion 

Litecoin price prediction is bullish as a higher high was set over the last hours and local support was found at the $170 mark overnight. Therefore, we expect LTC/USD to move higher later today to breach the $220 mark. From there, the overall price structure will start to become even more bullish.

While waiting for further Litecoin price action development, read our latest guides on how to buy Cardano, mine Zcash, as well as Litecoin mining software.

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.

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