Litecoin price analysis: Litecoin established a base around $170, prepares to breach $200?

TL;DR Breakdown

  • LTC retested support at $170 overnight.
  • Closest resistance at $200.
  • Next resistance at $220.

Litecoin price analysis is bullish for today as the market continues respecting the $170 support over the past days. Next target for Litecoin is still located at the $220 mark, which when broken, will further signal that the overall market price action momentum has shifted to being bullish.

Litecoin price analysis: Litecoin established a base around $170, prepares to breach $200? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a slight bullish momentum over the last 24 hours. Bitcoin is up by 1.47 percent, while Ethereum by 4 percent. Rest of the market also trades with a slight bullish momentum, indicating that we could see the cryptocurrency market trade higher later this week.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $173 – $182, indicating a moderate amount of volatility. Trading volume over the last 24 hours has decreased by 7.80 percent and totals $2.3 billion. Meanwhile, the total market cap stands at $12.1 billion, ranking the cryptocurrency in 14th place overall.

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

On the 4-hour chart, we can see Litecoin retesting the $170 support over the last 24 hours and currently preparing to push towards the next resistance at $200.

Litecoin price analysis: Litecoin established base around $170, prepares to breach $200?
LTC/USD 4-hour chart. Source: TradingView

Overall, Litecoin has started to move sideways over the past weeks after a severe retracement from the previous all-time high of $413. Since the market retraced by more than 70 percent we expect that bears are exhausted and further downside will not be seen this month.

Therefore, once the Litecoin price action sets a higher high above the $200 mark, the market will turn bullish again. From there, the next resistance is seen at the $220 mark and would further indicate bulls taking over the momentum. After a strong higher high is set, a following retracement that sets a higher low would indicate that the market is ready for a strong rally later this month.

Therefore, for now the best option is to wait for further Litecoin price action development in the form of high thigh and a following retracement.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish as the market still holds support at $170. Therefore, Litecoin should finally start to push higher this week to break above the last local high at $200. From there, the next resistance at $220 will likely be breached later this week, further signalling that bulls are taking over.

While waiting for further Litecoin price action development, read our guide on Litecoin mining software. To learn more about the market leader, Bitcoin, see our articles on how many Bitcoins are left to mine and how to invest in 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.

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