Litecoin price analysis: LTC spikes higher overnight, ready to push to $120 next?

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  • LTC moved above $135 resistance overnight.
  • Descending resistance trendline reached.
  • LTC/USD is likely to start heading lower today.

Litecoin price analysis indicates a bearish sentiment for the upcoming 24 hours as a lower high likely has been established over the past hours. Therefore, LTC/USD will likely start the next wave to the downside later today and reach the $120 support later this week.

Litecoin price analysis: LTC spikes higher overnight, ready to push to $120 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin is up by 1.52 percent, while Ethereum around 0.80 percent. The rest of the top altcoins follow this pattern of slight losses.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $133.59 – $139.16, indicating a moderate amount of volatility. Trading volume has increased by 18.90 percent and totals $1.457 billion. The total market capitalization stands around $9.25 billion, ranking the cryptocurrency in 13th place overall.

LTC/USD 4-hour chart – LTC prepares to push lower?

On the 4-hour chart, we can see the Litecoin price action moving higher overnight to set another lower high.

Litecoin price analysis: LTC spikes higher overnight, ready to push to $120 next?
LTC/USD 4-hour chart. Source: TradingView

When looking at the Litecoin price action development over the past weeks, we can see that bears have regained control after the previous swing high of around $150 could not be broken. LTC/USD set a slightly lower high on the 4th of July and pushed lower once again to set a lower low around $128.

This price action structure indicates that bears have taken control, and the current upswing will likely result in another lower high set around $140. From there, LTC/USD is likely to push lower again and reach the $120 mark next.

Once the $120 support is reached, we could see indecision on where to go next and another several-week rally higher. Further price action development depends on whether bulls can establish further higher highs. Until then, we can expect a lot more downside momentum over the following weeks.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for today as the market has moved higher overnight and currently attempts to set a lower high from which to move lower later this week. Therefore, we expect LTC/USD to push towards the next support of $120 over the following days. 

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

Source: cryptopolitan.com

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