Today’s Litecoin price prediction is bearish as the market has consolidated for the past 24 hours below $260 resistance after a 20 percent rally on Monday. Therefore, we expect LTC/USD to retrace some of the gains over the next 24 hours.
The overall crypto market is in the green today despite Bitcoin remaining flat over the last 24 hours. Ethereum is up by 4 percent, with the rest of the altcoin market following this pattern. Cardano (ADA) is among the best performers as it is up more than 9 percent.
Litecoin price prediction: Litecoin consolidates below $260, bearish momentum to take over?
LTC/USD opened at $258.8 after consolidating in a relatively tight range Yesterday. This Litecoin price action likely indicates that we will see a reversal to the downside later today. First minor support is seen around $245, while a more realistic target is seen at $235.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $249 – $260, indicating a moderate amount of volatility. 24 hour trading volume has decreased by 21.82 percent and totals $3.6 billion. Meanwhile, the total market cap trades at $17 billion, ranking the cryptocurrency in 10th place overall.
LTC/USD 4-hour chart – LTC rejects further upside yesterday and consolidates below $260 resistance
On the 4-hour chart, we can see LTC failing to reach higher highs overnight, indicating that the market will likely reverse later today.
The overall market price structure is still bearish as we have seen two strong waves to the downside over the past week. After LTC peaked at $235 on the 17th of April, the market quickly lost almost 30 percent until support was found around $240-$245. From there, Litecoin consolidated for several days and regained some of the loss with a lower high set at $290 on the 22nd of April. Later, Litecoin spiked lower again and set a significant low at $207.
Litecoin established support around $220, where another consolidation was seen for more than 24 hours. At the end of last week, LTC/USD spiked lower again and quickly rejected further downside. This price action resulted in a strong push higher over the following days until resistance was met around $265.
Over the last 24 hours, Litecoin has consolidated below $260 resistance, indicating that the bullish momentum is exhausted and we will likely see another move lower later this week. The first major support level is located around $235. If Litecoin can establish a higher low around the $235 support, further upside is expected towards the $280 mark later this week.
Alternatively, if LTC/USD moves below $235, we expect the market to retest the $220 support over the following days. If it cannot hold, LTC will see further bearish momentum over the next weeks.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the bullish momentum for Litecoin price seen over the last days is exhausted. Therefore, we expect LTC/USD to reverse and move lower over the next 24 hours, with the first major support located at $235.
While waiting for further Litecoin price action development, read our long-term Litecoin price prediction.