- LTC still respects the $300 support.
- Closest resistance at $335.
- Next target at $370.
Today’s Litecoin price prediction is bullish as the market retested the $300 support area overnight and continues establishing a base from which to move higher. Therefore, we should see LTC/USD push higher over the weekend and aim to move back above the $335 mark.
The overall market trades in the red today. Bitcoin trades with a loss of around 4 percent, while Ethereum has dropped almost 5.5 percent. Dogecoin is among the best performers, with a gain of 28 percent over the last 24 hours. Meanwhile, Binance Coin (BNB) struggles the most from the majors, with a loss of 6 percent.
Litecoin price prediction: Litecoin continues consolidating around $300, ready to move higher?
LTC/USD opened at $318.3 after a slight bullish consolidation yesterday above the $300 mark. This indicates that the market is not ready to move any lower, and we should see a reversal back to the upside later this week. Once the first resistance at $335 breaks, we expect a lot more further upside next week.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $292.28 – $328.10, indicating a good amount of volatility. 24 hour trading volume has dropped by 21.11 percent and stands at $8.1 billion. Meanwhile, the total market cap trades around $21.3 billion, ranking the cryptocurrency in 12th place overall.
LTC/USD 4-hour chart – LTC
On the 4-hour chart, we can see the Litecoin price starting to push higher once again over the last hours.
Overall the market has seen bullish momentum end over the past week after a new all-time high was set below the $413 mark on the 10th of May. The last upswing from the $205 low resulted in a gain of around 100 percent. Therefore, the market became exhausted and started to retrace over the last week.
We saw a failure to move higher on Wednesday, resulting in a lowe thigh set around the $395 mark. From there, Litecoin price quickly broke through the previous support at $335 and dropped further to the $300 major price mark.
Yesterday we saw Litecoin consolidate for most of the day, resulting in a brief spike below the $300 mark again. Bulls quickly picked up and selling pressure, meaning that further downside will likely not be seen over the upcoming days. Therefore, LTC/USD should move higher later this week and try to break back above the $335 major support.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bullish as the market rejects further downside below the $300 support. Right now, the market looks to push higher once again, indicating that we should see a retest or break above the $335 later today.
While waiting for further Litecoin price action development, read our articles on other great altcoins – Monero, Ethereum Classic, and Bitcoin Gold.