Litecoin Price Analysis: LTC holds $125 overnight, break below $120 today?

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  • LTC moved lower yesterday.
  • Litecoin reached the previous low of around $125 overnight.
  • Market ready to attempt another push lower.

Litecoin price analysis is bearish for today as the market set a clear lower high yesterday and pushed lower from there. Today we saw a slight rejection for further downside around $125, likely meaning that further downside will be seen later today as bears regain momentum as of now.

Litecoin Price Analysis: LTC holds $125 overnight, break below $120 today? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades in the red over the last 24 hours. Bitcoin has lost 2.3 percent, while Ethereum 3.2 percent. Polkadot (DOT) and Solana (SOL) are among the worst performers, with a loss of around 6-7 percent, indicating where the rest of the market could move to over the next hours.

Litecoin price movement in the last 24 hours: Litecoin tests $125 support again

LTC/USD traded in a range of $122.34 – $129.27, indicating a good amount of volatility over the last 24 hours. Trading volume has remained relatively flat and still stands around $1.44 billion. Meanwhile, the total market capitalization trades around $8,3 billion, ranking the cryptocurrency in 13th place overall.

LTC/USD 4-hour chart: LTC ready to break $120?

On the 4-hour chart, we can see the Litecoin price starting to move lower after a brief pause earlier today.

Litecoin Price Analysis: LTC holds $125 overnight, break below $120 today?
LTC/USD 4-hour chart. Source: TradingView

The overall market structure has been increasingly bearish over the past week. After a strong higher high was set around $149 on the 29th of June, LTC/USD failed to move higher and set a slightly lower high around $148. This price action development indicated a medium-term trend reversal and was followed by a clear lower low on the 9th of July.

From there, LTC/USD rallied and set a lower high around $140 before pushing to the downside again over the past few days. Another lower low was set around $125 on the 14th of July.

Yesterday, the Litecoin price retested the previously set second lower low around $125 with some rejection for further downside. This resulted in a slight rally higher over the past hours. However, right now, bears look to regain control over the market and start to push LTC/USD lower again, which should lead the Litecoin price towards a break below the $120 mark and the next major support around $105 over the next week.

Conclusion 

Litecoin price analysis is bearish for the next 24 hours as the market moved lower yesterday and paused overnight. Therefore, we expect LTC/USD to push below $120 later today as bears have regained strength. 

While waiting for Litecoin to breach $120, read our guides on what is DeFi, Bitcoin fees, as well as what can you buy with Bitcoin.

Source: cryptopolitan.com

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