The Litecoin price analysis for today is bearish, as the market reached above $180 yesterday but could not go any higher. As a result, we expect LTC/USD to retrace later today and then attempt to retest the $170 level.
Over the last 24 hours, the cryptocurrency market has traded with mixed results. Bitcoin, the market leader, has lost 0.52 percent, while Ethereum has lost 1.8 percent. Meanwhile, Ripple (XRP) is one of the best performers, up 16 percent.
In the last 24 hours, the price of Litecoin has moved as follows: Overnight, Litecoin traded above $180.
Over the last 24 hours, LTC/USD traded in a range of $175.78 – $186.37, indicating mild volatility. Trading volume has fallen by 10.2 percent to $2.4 billion. Meanwhile, the total market capitalization trades around $11.9 billion, resulting in a 14 percent market dominance
LTC/USD 4-hour chart: Is LTC about to retrace?
The 4-hour chart shows Litecoin price action consolidating overnight as bears prepare to set another higher low later today.
Litecoin’s price has risen dramatically in recent weeks. After retesting the $105 previous support level from July 20th, LTC/USD began to rally and broke through the $150 previous swing high.
Bullish momentum has continued over the past week, resulting in a total gain of more than 75 percent to the current high of $186. However, further gains were not possible overnight as LTC/USD began to consolidate sideways.
As a result, we anticipate that the Litecoin price will retrace later today. The first level of support is around 170. If LTC/USD can find support there, we anticipate a further rally next week, with $200 as the next major target.
Litecoin Price Analysis: Final Thoughts
Litecoin price analysis is bearish for today, as further upside was not achieved, and overnight consolidation around the $180 mark was observed. As a result, we anticipate LTC/USD to retrace later today and attempt to establish another higher low around the $170 mark.
While you wait for Litecoin to move forward, check out our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake vs Proof of Work.