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- Litecoin price analysis is bullish today.
- LTC/USD set a higher lower at $196
- Further downsides are currently being rejected.
Today’s Litecoin price analysis is bullish because we expect the current decline to establish a higher low and for LTC to reverse thereafter. Before any recovery can be made, Litecoin/USD is expected to consolidate.
Cryptocurrency heat map. Source: Coin360
The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.19percent, while Ethereum 1.43 percent. Meanwhile, Binance Coin is the top performer, with a gain of more than 10 percent.
Litecoin price movement in the last 24 hours: Litecoin spikes lower after consolidation around $200
The LTC/USD pair was in a narrow trading range of $196.84 and $202.73 over the last 24 hours, with significant fluctuations throughout the day. Trading volume has dropped by 24%, leaving $1.67 billion in transactions; at current prices, this translates to roughly 18th place overall among all cryptocurrencies.
LTC/USD 4-hour chart: LTC set to reverse above $200 again?
On the 4-hour chart, we can see Litecoin price action rapidly approaching the $200 support over the past several hours, with buying pressure gradually heightening with time.
LTC price momentum has shown considerable bullish force in recent weeks, as the market has recovered from a significant drop at the end of October. After suffering an extreme loss below $175 at the conclusion of October, LTC/USD quickly recuperated, rising to above $190.
The LTC/USD pair ended the week on a high note, as after some consolidation, it began to rise again on Monday. The market pivoted into a retracement after a second attempt to break higher.
After a period of declining momentum, the Litecoin price dropped dramatically earlier today. However, the $190 support was not breached, suggesting that we may be witnessing a fresh lower low.
Litecoin Price Analysis: Conclusion
The LTC/USD pair is in an excellent position today, as the $190 support has kept it from declining further over the past hours. As a result, LTC/USD has most likely established a new low, indicating that a reversal will occur soon.
While waiting for Litecoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.