- Litecoin price analysis is bearish today.
- LTC/USD continued to retrace overnight.
- Closest support at $142.
Litecoin price analysis is bearish today as we expect more retracement to follow after a new high was set at $150. Likely LTC/USD will move to retest the $142 previous resistance as support later today.
The market has seen bullish momentum return over the last 24 hours. Bitcoin has seen a small gain of 0.12 percent, while Ethereum 0.73 percent. Litecoin (LTC) has meanwhile lost around 1 percent.
Litecoin price movement in the last 24 hours: Litecoin begins to retrace
LTC/USD traded in a range of $145.11 – $149.55, indicating substantial volatility over the last 24 hours. Trading volume has declined by 39 percent and totals $788.4 million, while the total market cap trades around $10 billion, ranking the coin in 22nd place overall.
LTC/USD 4-hour chart: LTC targets $142 next?
On the 4-hour chart, we can see the Litecoin price action continuing to decline so far today as bears look to retest the $142 previous resistance as support.
Litecoin price action has seen strong bullish momentum this week. After previously losing around 20 percent from the $152 previous major swing high, a new swing low was set above $120 on the 10th of January.
From there, LTC/USD quickly reacted higher, breaking above previous local highs and spiking to $142. After a brief retracement and a higher low set at $135, bullish momentum returned on the 14th of January.
This time, the Litecoin price action reached $150, meaning another clear higher high was set. Over the last 24 hours, LTC/USD has moved into retracement again, likely as bears look to establish another higher low.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish today as we saw selling pressure continue this morning. Therefore, LTC/USD will likely test the $142 resistance turned support next.