Litecoin price prediction: Litecoin continues consolidating around $300, ready to move higher?

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  • 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.

Litecoin price prediction: Litecoin continues consolidating around $300, ready to move higher? 1
Cryptocurrency heat map. Source: Coin360

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.

Litecoin price prediction: Litecoin continues consolidating around $300, ready to move higher?
LTC/USD 4-hour chart. Source: TradingView

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.

Source: cryptopolitan.com

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