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Litecoin Price Analysis: LTC approaches $120-$125 resistance area, reversal overnight?



Litecoin price analysis indicates bearish momentum later today as the $120-$125 resistance area currently gets tested. Therefore, LTC/USD should establish another lower high and continue pushing lower from there.

Litecoin Price Analysis: LTC approaches $120-$125 resistance area, reversal overnight? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades in the green over the last 24 hours. Bitcoin has gained almost a percent, while Ethereum trades around a 2.5 percent gain. Stellar (XLM) is among the best performers, with a gain of around 16 percent.

Litecoin price movement in the last 24 hours: Litecoin rallies towards $120

LTC/USD traded in a range of $115.58 – $119.96, indicating mild volatility over the last 24 hours. Trading volume has increased by 11.24 percent and totals $1.44 billion, while the total market capitalization trades around $8 billion, ranking the cryptocurrency in 13th place overall.

LTC/USD 4-hour chart: approaches $120-$125 resistance area

On the 4-hour chart, we can see the Litecoin price moving towards the $120-$125 resistance area, where the next lower swing high should be set.

Litecoin Price Analysis: LTC approaches $120-$125 resistance area, reversal overnight?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action still trades within a strong bearish momentum over the past weeks after another major swing lower high was established around $148. The $148 high was set after a quick spike towards the $105 mark last month as part of the overall several-month retracement from the previous all-time high.

Earlier this month, LTC/USD failed to set further highs and set a slightly lower high around $148. From there, a further downside with increasingly stronger bearish momentum was seen until the $105 support was tested again on the 20th of July.

What followed was a rapid retracement yesterday, with the $120 mark tested overnight. Currently, Litecoin price attempts to move higher once again, indicating that we could see further upside later today. However, LTC/USD should reverse over the next 24 hours and start moving towards further lows later this week to break the $105 previous support next.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis indicates bearish momentum to follow over the next 24 hours as a strong resistance area around $120-$125 is currently tested and we can expect another lower high to be set. Therefore, LTC/USD should start its way towards further downside later this week and try to breach the $105 support level next.

While waiting for Litecoin to decline further, read our guides on DeFi, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. 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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