TL; DR breakdown
- Litecoin price analysis is bullish.
- LTC / USD rose quickly below the USD 175 support.
- Bullish momentum has returned this morning.
Litecoin price analysis is bullish today as another downtrend was heavily rejected overnight, suggesting that the bulls are looking for more upside this week. Hence, we expect LTC / USD to hit new highs in the next 24 hours.
Cryptocurrency heat map. Source: Coin360
In the past 24 hours, the market as a whole was mostly in the green. The market leader Bitcoin gained 1.45 percent, while Ethereum gained 0.32 percent. Meanwhile, Terra (LUNA) is doing the worst today with a loss of 5.5 percent.
Litecoin Price Movement Over The Last 24 Hours: Litecoin returns to below the USD 175 support to USD 185 after a brief surge
LTC / USD traded in a range of $ 173.73 to $ 185.08, suggesting significant volatility over the past 24 hours. Trading volume is down 4.90 percent to $ 3.1 billion, while total market capitalization is around $ 12.6 billion, placing the coin in 15th place overall.
LTC / USD 4-hour chart: LTC aiming to hit $ 190 next?
On the 4 hour chart, we can see a strong bullish momentum return in the past few hours, suggesting that Litecoin price will break higher.
LTC / USD 4 hour chart. Source: TradingView
Litecoin price action was strong in early October. From the previous swing high of $ 140, it rose over 30 percent to $ 187 on October 7th.
Since then, LTC / USD has retested the previous USD 175 resistance as support. A multi-day consolidation has formed suggesting a new higher low to be set with resistance at around $ 184.
Overall, this development of the Litecoin price action means that we should see another upward trend this week at the latest. With the downward move heavily opposed overnight, we expect the bulls to try to hit more upside in the next 24 hours.
Litecoin price analysis: conclusion
Litecoin price analysis is bullish today as the downward move was heavily rejected overnight, sending LTC towards earlier highs. Therefore, we can assume that LTC / USD will continue to rise later this week.
While you wait for Litecoin to move on, check out our guides on the best NFT marketplaces, NFT history and development, and NFT music.
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