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Litecoin price analysis: Litecoin breaks $150, rapidly moves to test $120?

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  • LTC traded lower yesterday.
  • Spike lower seen over the past hours.
  • Closest support at $120.

Litecoin price analysis is bearish as the market continues to move lower after breaking through the $150 mark. From there, we can expect LTC/USD to move even lower to test the $120 mark.

Litecoin price analysis: Litecoin breaks $150, rapidly moves to test $120? 2
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market trades in the red over the last 24 hours. Bitcoin has lost 6.7 percent, while Ethereum 9 percent. The rest of the altcoins market follows this price action development, with Dogecoin being among the worst performers with a loss of 23 percent.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $128.25 – $156.15, indicating a strong amount of volatility. Trading volume has spiked by 41 percent and totals $2.7 billion. The total market cap stands at $8.77 billion, ranking cryptocurrency in 13th place overall.

LTC/USD 4-hour chart – LTC targets $120

On the 4-hour chart, we can see the Litecoin price action moving lower over the last 24 hours as bears try to reach the next support at $120.

Litecoin price analysis: Litecoin breaks $150, rapidly moves to test $120?
LTC/USD 4-hour chart. Source: TradingView

The overall market still trades with slightly bearish price action over the past weeks. After retracing from the previous all-time high of around 70 percent, support was established at the $120 mark. From there the market made a slight rally and started to move sideways.

The area where the price moved sideways was established around $150-$180 until it was broken on the 20th of July. A quick spike lower took the market to the $130 mark, where the current price level is located at.

Therefore, we can assume that LTC/USD will look to move further to the downside over the next hours to finally reach the $120 mark. Once that is done, LTC/USD should see a reversal and another attempt to set further highs over the next few days.

Currently, the best option is to wait for further price action development.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish as bears have pushed Litecoin towards $120 support after breaking below $150. However, the market has not yet reached the $120 mark, where the previous major low was set, meaning that we can expect further downside later today.

While waiting for Litecoin price to reach the $120 mark, read our articles 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.

 

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