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Litecoin Price Analysis: LTC rejects downside around $100, retracement to $120 next?

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Litecoin price analysis is bullish today as we expect a retracement to follow after a rejection of further downside and consolidation above $105 overnight. Likely LTC/USD will look to retrace to the $120 previous major support next.

Litecoin Price Analysis: LTC rejects downside around $100, retracement to $120 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen recovery over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 1.06 and 3.71 percent. Meanwhile, Litecoin (LTC) follows with over 4 percent gain.

Litecoin price movement in the last 24 hours: Litecoin reacts higher after spike below $100

LTC/USD traded in a range of $99.76 – $111.45, indicating substantial volatility over the last 24 hours. Trading volume has declined by over 5 percent, totaling $1.78 billion. Meanwhile, the total market cap trades around $7.67 billion, ranking the coin in 22nd place overall.

LTC/USD 4-hour chart: LTC begins to retrace

On the 4-hour chart, we can see the Litecoin price starting to advance after consolidation above $105 overnight.

Litecoin Price Analysis: LTC rejects downside around $100, retracement to $120 next?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action has seen a strong decline this week. From the previous major swing high at $152, LTC/USD has lost over 35 percent to the low of $96.5, which was reached yesterday.

However, as soon as LTC moved below the $100 mark, strong rejection for further downside followed. LTC quickly returned above $150 support and started to consolidate.

Therefore, we have sene the Litecoin price establish a base from which to reverse. Likely more upside will follow over the next 24 hours, with the $120 mark to be tested next.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish today as we have seen a reaction higher from the $105 support. Likely LTC/USD is now ready to retrace as sellers are exhausted.

While waiting for Litecoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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