Litecoin price prediction: Litecoin starts to retrace, further upside later today?
3 min readTL;DR Breakdown
- LTC sets a higher low at $170.
- Closest resistance at $260.
- Next major support at $300
Today’s Litecoin price prediction is bullish as the market set a higher low overnight and currently moves higher. The closest minor resistance level at $220 has already been breached, indicating an upcoming move to $260 previous support turned resistance.
The overall market trades with mixed results over the last 24 hours. BTC trades 4 percent in the green, while ETH is down by 1 percent. Meanwhile, Litecoin is among the worst performers, with a loss of almost 13 percent.
LTC/USD opened at $186 today after a strong bearish push lower yesterday set new several months low around $145. From there, the market retested further downside overnight, this time setting a higher low at $170. Therefore, we can expect further upside over the next few days.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $167.64 – $224.96, indicating severe volatility. 24-hour trading volume has increased by 14 percent and totals $10.4 billion. Meanwhile, the total market cap trades just below $15 billion, ranking the cryptocurrency in 12th place overall.
LTC/USD 4-hour chart – LTC trades below $220
On the 4-hour chart, we can see bulls attempting to move the market higher over the past hours to regain some of the loss seen yesterday.
The overall market continues moving lower over the past week after a new all-time high was set at the $413 mark. From there the Litecoin price failed to move higher and saw a sharp spike to the $300 support.
From there, LTC/USD failed to recover and slowly traded lower to the $260 mark. After Litecoin set another lower high, the market saw a strong push lower on the 18th and 19th of May. A quick spike to the $145 mark indicated that the medium-term retracement is likely over, and we will see further upside over the upcoming weeks.
Overnight, LTC/USD established a higher low at the $170 mark, indicating that the bearish momentum is exhausted. Earlier today, Litecoin moved to the $220-$230 mark, where resistance was found.
Therefore, we can expect another move lower later today. If another higher low is set above $170, we expect the market to continue higher over the remainder of this week to set a higher high, likely below the next major resistance at $260.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bullish as the market pushed lower overnight once again and established a slightly higher low around $170. Over the past hours, LTC/USD moved higher and tested the $220 resistance. Therefore, after a small retracement, we expect further upside over the remainder of this week.
While waiting for further Litecoin price action development, read our guide on Litecoin mining software as well as mining guide. For further reading, see our investing in cryptocurrencies article.
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.
