Litecoin Price Analysis: LTC slowly sets a higher high at $157.5, reversal to follow?
2 min readTL;DR Breakdown
- LTC established a higher local low above $135 earlier this week.
- LTC/USD continued to rally overnight.
- Litecoin is set for a retracement later today.
Litecoin price analysis is bearish for today as a new higher high was set above the $150 earlier this week and bulls have become exhausted. Therefore, we expect LTC/USD to retrace some of the gains seen earlier today and look to set another higher low early next week.
The cryptocurrency market trades with mixed results over the last 24 hours after a strong rally yesterday. The market leader, BTC is up by 1.41 percent, while ETH is up by 0.83 percent, while most of the top altcoins are in the red. Dogecoin (DOGE) is among the best performers with a gain of 13.6 percent.
Litecoin price movement in the last 24 hours: Litecoin finds resistance below $157.5
LTC/USD traded in a range of $149.62 – $157.44, indicating mild volatility over the last 24 hours. Trading volume has increased by 6.65 percent and totals $2 billion. Meanwhile, the total market capitalization trades around 10.2 billion, ranking the cryptocurrency in 15th place overall.
LTC/USD 4-hour chart: LTC set for a retracement?
On the 4-hour chart, we can see the Litecoin price failing to reach further highs overnight, indicating an upcoming retracement.
Litecoin price action has traded with a strong bullish momentum over the past weeks. After establishing a strong swing low around $105, LTC/USD started to rally until the previous major swing high around $150 was tested on the 1st of August.
After a several-day retracement, LTC/USD set another strong higher low above $135 and rallied higher from there. Yesterday, Litecoin price broke past the $150 resistance and reached the $157.5 mark next.
However, further upside could not be reached and Litecoin started to consolidate below the $157.5 resistance, indicating an upcoming reversal. This price action development indicates that Litecoin should reverse later today and try to establish another higher low early next week. Once that is done, LTC/USD should follow along with the current bullish momentum and reach further highs.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish for the next 24 hours as further upside was not seen after a new higher high was set around $157.5. Therefore, we assume that LTC/USD needs to retrace and set another higher low before further upside can be expected.
While waiting for Litecoin to move further, read our articles on BTC Futures, Physical BTC, as well as Proof of Stake vs Proof of Work.
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.
