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Litecoin Price Analysis: LTC/USD to spike past $170 soon

www.cryptopolitan.com 17 January 2022 17:00, UTC
Reading time: ~3 m

  • Litecoin price analysis is bearish today.
  • LTC/USD resistance was found at $170.
  • Closest support at $142.

Today’s Litecoin price analysis is bearish, as we anticipate further retrace after a new high was established at $150. Later today, we expect LTC/USD to test the $142 previous support level as resistance, a good sign for the bulls. Nevertheless, the market sentiment is bearish.

Litecoin’s price is currently trading under pressure at $150 while awaiting further retrace after a new high was established overnight. As anticipated earlier today, LTC/USD will likely spend most of the day testing the $142 support level before attempting to break it down in favor of the bulls.

Litecoin price movement in the last 24 hours: Litecoin begins to retrace

Litecoin Price Movement in the last 24 Hours LTC/USD opened the day trading at a high of $151.33 and a low of $138.37, closing at $146.78. It established another new high yesterday, with prices reaching $156.89 before they started dropping again to establish support just below its previous swing low of around $142. This is probably the current level that will act as resistance for most of today if not hold strong overnight when prices might drop further to test support levels established during last night’s retrace.

The closest support area is found between $142 and $143, which would also prove to be an important area to watch during tomorrow’s Litecoin price analysis.

The bulls have been struggling to push prices above $160 – a clear sign that it will be difficult for them to sustain the new high. It wouldn’t come as a surprise if we saw a retreat from here; although I still believe that the trend is bullish, I’m not selling crypto on strength.

There was an attempt at creating a “bearish extension” last night, but there were no follow-through sell-orders triggered, which is why the buyers managed to recover the $150 level.

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.

LTC/USD 4-hour chart. Source: TradingView

This week has been suitable for Litecoin investors, with strong bullish momentum. On January 10th, a new swing low was established above $120 after previously losing around 20% from the previous major swing high.

LTC/USD surged in response, gaining pace quickly and breaking above prior local highs before spiking to $142. On the 14th of January, bullish momentum was restored after a short retracement and a higher low set at $135.

One year after breaking the $100 barrier, Litecoin’s price surged past $150 for the first time today. LTC/USD hit a fresh high of $150 during today’s trading session, extending its growth streak to three days. The price is presently inching toward another clear higher high at around $170.

Litecoin Price Analysis: Conclusion 

Today’s Litecoin price analysis indicates a bearish sentiment in play for most of today before prices start rising again later on. An early retrace will likely bring prices down to test a previous support level at $142, which could prove to be an essential area for the bulls going – if it holds strong.

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.

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