Litecoin price prediction: Litecoin consolidates below $260, bearish momentum to take over?

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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.

Litecoin price prediction: Litecoin consolidates below $260, bearish momentum to take over? 1
Cryptocurrency heat map. Source: Coin360

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.

Litecoin price prediction: Litecoin consolidates below $260, bearish momentum to take over? 2
LTC/USD 4-hour chart. Source: TradingView

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.

Source: cryptopolitan.com

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