Litecoin price analysis: LTC still moves sideways, prepares to break $135 support next?

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  • LTC retested $135 support overnight.
  • Next target at $120 support.
  • Bearish momentum is likely to take over later today.

Litecoin price analysis is bearish for today as the market failed to set a higher high earlier this week and started consolidation around the $135 mark. Therefore, we expect LTC/USD to move lower later today and finally break the $135 support to test further downside once again.

Litecoin price analysis: LTC still moves sideways, prepares to break $135 support next? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin is up by 1.66 percent, while Ethereum up by 5 percent. Binance Coin is among the best performers, with a gain of almost 7 percent.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $135.92 – $142.79, indicating a moderate amount of volatility. Trading volume has increased by 14.73 percent and totals $1.64 billion. Meanwhile, the total market capitalization stands around $9.44 billion, ranking the cryptocurrency in 14th place overall.

LTC/USD 4-hour chart – LTC tests $135 again

On the 4-hour chart, we can see the Litecoin price preparing to move lower again after some support by the $135 mark.

Litecoin price analysis: LTC still moves sideways, prepares to break $135 support next?
LTC/USD 4-hour chart. Source: TradingView

The overall market trades with a strong bearish momentum over the last weeks as another strong push lower was seen from the $180 resistance. From there, Ripple retraced by more than 40 percent until support was found around the $110 mark.

What followed was a move higher to the $150 previous resistance, which now acts as a support. After Ripple price attempted to push higher again, a lower high was set around $148 on Monday. From there, the market started to consolidate in an increasingly tighter range above the $135 support.

This price action development means that the $135 support will likely be broken eventually, and further downside will be seen from there. Next, support is located around the $120 mark, and if reached from the current price, it would mean a drop of around 15 percent. From there, XRP/USD will likely attempt to reverse the several-week bearish momentum again or break lower to the $95 support.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for the next 24 hours as the market set a lower high on Monday and started to form a base from which to move lower again. Once the $135 breaks, we can expect LTC/USD to push towards the $120 mark next and continue the several-week bearish momentum.

While waiting for Litecoin to move lower, read our guide on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

Source: cryptopolitan.com

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