Litecoin price prediction: LTC breaks $280 support, prepares to reverse?
3 min readTL;DR Breakdown
- LTC moves below $300 support.
- Support found around $270.
- Next support located at $250.
Today’s Litecoin price prediction is bearish as the market broke below the $300 support overnight and set a clear lower low at $270. Therefore, we expect Litecoin to continue moving higher over the next 24 hours. However, some upside might be seen first as the market looks to retest the $300 mark as a resistance.
The crypto market trades in the red over the last 24 hours. BTC has dropped to the $45,000 mark and trades with a 24-hour loss of 8.43 percent. The rest of the altcoin market follows this pattern as ETH, Cardano, and Ripple have lost around 8 percent.
LTC/USD opened at $296.22 after slight bearish close yesterday. Overnight, Litecoin price pushed lower until some support was found around $270. Therefore, the overall price action is very bearish right now and we expect Litecoin to move lower over the following hours.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $264.68 – $323.76, indicating a large amount of volatility. 24 hour trading volume has increased by 21.45 percent and totals $6.7 billion. Meanwhile, the total market cap stands at $19.2 billion, resulting in 12th place overall.
LTC/USD 4-hour chart – LTC
On the 4-hour chart, we can see LTC/USD spiking lower overnight and establishing support around $270.
The overall market trades with a bearish momentum over the past days after a new all-time high was set at $413 on the 10th of May. From there, the market retested $335 support and made another move to the upside unsuccessfully.
The failure to move higher resulted in a sharp push lower on the 12th of May until initial support was found around the $300 mark. Litecoin price retraced some of the loss on the 14th of May and retested the $335 support as a resistance. After failure to move higher, LTC/USD made another push lower of around 22 percent until support was found at the $270 mark earlier today.
Currently, the market moves higher to retest the $300 support as a resistance. If the further upside is not seen, we expect Litecoin to retrace further with the next major support located at $250. Litecoin price action would have retraced most of the previous gains, and we can expect another major upswing later this month.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the market set a further lower low over the past hours after breaking below the $300 support. Therefore, we expect LTC/USD to move lower later today after the $300 previous support is retested as resistance.
While waiting for further Litecoin price action development, read our guide on Litecoin mining software. To learn more about other great altcoins, see our articles on how to buy Ripple and ETH mining software.
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.
