Litecoin price analysis: Preparing for another downside from $135?
3 min readTL;DR
- Litecoin market remained slightly bullish today
- Resistance momentum is slowly increasing around $136
- LTC is possibly preparing for another downside to $133
Our Litecoin price analysis shows that the market is slightly bullish today. Yesterday, there was a decline from $133.41 to $128.83 before the market started retracing at 13:00. At the start of the day today, there was a rapid drop from $132.11 to $127.22 in a single hour.
But from there, Litecoin again began retracing until it reached $131.7 in the 4th hour. Between 12:00 and 16:00, the market has again become bullish with a rapid increase to $135.49. From here, Litecoin is preparing for another downside in the next 24 hours.
The overall cryptocurrency market is trading in reds today. However, BTC stays in green with a 1.8 percent increase, after losing around 6 percent yesterday. ETH has consistently traded in the reds over the last 48 years, with a -0.43 percent loss today. Most of the remaining market is still bearish, just like yesterday.
Litecoin Price Movement in the Last 24 Hours
Overall, our Litecoin Price analysis shows a fluctuation between $131.94 and $135.49 in the last 24 hours. Unlike yesterday where the market traded between $129 and $141, today there is not much volatility in the price.
Of course, there is a tough show-off between the resistance and the momentum that bulls are generating. From an hourly perspective via Litecoin price analysis, there have been shallow dips such as 00:00 followed by hours of retracing. But from a 24-hour perspective, the price has not changed much.
With a 24-hour high of $135.45 and a USD 9,437,012,264 market cap, Litecoin currently stands in 14th place.
LTC/USD 4-hour chart – Resistance Building Up Again?
The 4-hour chart shows that after an increase from $127.83 to $135.45 between 8:00 and 12:00, the resistance is gearing up to push the price down again. If we look at the last two days in this graph, the market is trading with bullish momentum as suggested by Litecoin price analysis.
Other than the short bullish spikes, the market is struggling to reach 146.78 Swing High on the 4th of July 2021. It seems unlikely though. Instead, LTC/USD is set for a lower high, eventually going lower to reach the next support target in the coming days.
Litecoin price analysis conclusion: LTC gearing for a rapid downside?
Today, the Litecoin market is quite bearish like yesterday, after the lower high on 7th July. After that, the market went lower than the $135 support. Although the market did retrace over the last few hours, the resistance is quite high as per Litecoin price analysis.
It looks like the bulls will not be able to keep a hold of the market for long. This may result in a rapid downside in the next few hours, which will engulf the little momentum that bulls have generated between 8:00 and 12:00 today.
We can expect Litecoin to move lower to the $125 mark in the coming few days (or perhaps within 24 hours).
While you wait to see how the market fluctuates in the next 24 hours, how about you check out our comprehensive guides on BTC Fees and the best BTC wallets in 2021?
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.
