Litecoin (LTC) is a cryptocurrency that is often considered as an altcoin, because of its similarities with Bitcoin. To date, it holds the second-highest market capitalization of all altcoins and has an average daily trading volume of around $1 billion. The price of LTC has been rising steadily since it peaked at $250 in early May and has continued to gain ground as the market has seen a surge of new investor interest.
Litecoin looks set to hit $125 this week, after breaking its resistance level, according to our Litecoin Price Analysis .
Summary of the situation
- LTC dropped yesterday.
- Litecoin reached a low of around $125 last night.
- The market is ready for another attempt at a decline.
The Litecoin price analysis for today is bearish, as the market set a clear lower high yesterday and was pushed down from there. Today we saw a slight rejection of further downward movement around $125, which likely means further downward movement later in the day as the bears regain their momentum.
The entire market structure has become increasingly bearish over the past week. After the LTC/USD traded at 29. After reaching a strong peak of around USD 149 in June, it was unable to continue its rise and reached a slightly lower peak of around USD 148. This development in price action indicated a reversal of the medium-term trend and was reversed on the 9th trading day. The month of July was followed by a significant dip.
The LTC/USD price then rose to a lower high of around $140 before falling again in recent days. A new low was reached on the 14th. The month of July reached about $125.
Yesterday, the price of Litecoin retested the previously established second low of around $125, and further declines are not out of the question. This has led to a slight upward recovery in the last few hours. However, the bears now seem to be regaining control of the market and are starting to push LTC/USD downwards, which should lead to the Litecoin price breaking through the $120 level next week and the next major support around $105.
Litecoin price analysis: Supplement
The Litecoin price analysis is bearish for the next 24 hours, as the market fell yesterday and stopped out overnight. As a result, we expect LTC/USD to drop below $120 today as the bears have regained strength.
While we wait for Litecoin to break the $120 mark, read our guides on what DeFi is, bitcoin commissions and what you can buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for any investment made based on the information provided on this site. We strongly recommend that you conduct independent research and/or seek advice from a qualified professional before making an investment decision.
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