Litecoin Price Analysis: LTC swiftly retraces to $145, pauses before reversal?
2 min readTL;DR Breakdown
- LTC retraced yesterday.
- LTC/USD found support above $145.
- Market prepares for another push higher.
Litecoin price analysis is bullish for the next 24 hours as support was found overnight around the $145 mark after a retracement yesterday. Therefore, we expect LTC/USD to reverse and make another attempt to set further highs later this week.
The cryptocurrency market trades in the red over the last 24 hours. Market leader, BTC is down by 2.16 percent, while ETH by 5.41 percent. Dogecoin (DOGE) is among the worst performers, with a loss of 9.5 percent.
Litecoin price movement in the last 24 hours: Litecoin retraces to $145 support
LTC/USD traded in a range of $145.44 – $155.56, indicating strong volatility over the last 24 hours. Trading volume has decreased by 18.85 percent and totals $1.69 billion. Meanwhile, the total market capitalization trades around $10 billion, resulting in a market rank of 15th place.
LTC/USD 4-hour chart: LTC prepares for another push higher?
On the 4-hour chart, we can see the Litecoin price establishing another higher low and preparing to move higher once again.
Litecoin price action has traded with a strong bullish momentum over the past weeks. After retesting the previous swing low of around $105, LTC/USD started to rally and broke past the previous swing high at around $148.
What followed was a retracement to $135 support, where Litecoin price built a base to move higher. On the 5th of August, LTC started to rally once again and quickly set a further higher high of around $157.5, indicating that the several-month bearish price structure has reversed.
From the $157.5 high, LTC/USD started to retrace yesterday as another higher low needs to be established before further upside. Overnight, support was found around the $145 mark, with further downside currently rejected. This Litecoin price action development indicates that we can expect another rally over the next 24 hours, with further highs set over the next few days.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish as another higher low was established overnight around the $145 mark. Therefore, unless LTC/USD breaks below the $145 mark, we expect another rally to follow later today as bulls try to reach further highs.
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.
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