Litecoin Price Analysis: LTC retraces to $135, prepares for a rapid push higher?

0
37

TL;DR Breakdown

  • LTC retraced yesterday.
  • Support is currently found at around $135.
  • Litecoin price ready to test upside again.

Litecoin price analysis is bullish for today as the market has retraced over the last 24 hours and found support around $138. Therefore, we can expect LTC/USD to make another attempt to move higher over the next 24 hours and reach the $150 previous high again.

Litecoin Price Analysis: LTC retraces to $135, prepares for a rapid push higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with slight bearish momentum over the last 24 hours. Bitcoin is down by 2.89 percent, while Ethereum by around 4.34 percent. Polkadot (DOT) is among the worst performers with a loss of 5.88 percent.

Litecoin price movement in the last 24 hours: Litecoin retraces to its previous low of around $138.

LTC/USD traded in a range of $136.65 – $145.00, indicating strong volatility over the last 24 hours. Trading volume has decreased by 13 percent and totals $1.39 billion. Meanwhile, the total market capitalization trades around $9.23 billion, ranking the cryptocurrency in 14th place overall.

LTC/USD 4-hour chart: LTC prepares for another rally?

On the 4-hour chart, we can see the Litecoin price retesting $138 previous high in preparation for another push towards the $150 resistance.

Litecoin Price Analysis: LTC retraces to $135, prepares for a final push higher?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action has seen substantial bullish momentum over the past weeks after a new swing low was set around $105 support on the 20th of July. From there, LTC/USD rallied to the previous swing high of $148 and set a slightly higher high at $150, meaning a gain of over 40 percent in total.

 On Sunday, LTC/USD started to retrace and set a slightly higher low around $138. However, after some upside momentum yesterday, Litecoin price reversed lower again and started to look for further downside.

Earlier today, a slightly lower low was set around $138, with further downside rejected. This price action development should lead LTC/USD towards another attempt to push higher later today as bulls want to test the $150 resistance once again.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis indicates bullish momentum to follow over the next 24 hours as the previous low of around $138 currently gets tested after a substantial retracement overnight. Therefore, we expect LTC/USD to gather momentum for another push higher to the $150 resistance later this week.

While waiting for Litecoin to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.

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.