Litecoin price analysis: Litecoin retests $170 support, further retracement today?

TL;DR Breakdown

• LTC moved lower overnight.
• Support at $170 retested.
• Next support at $155.

Litecoin price analysis is bearish for today as the market could not move any higher overnight and reached the $170 support. Therefore, we expect LTC/USD to break lower later today to set another higher low.

The overall market trades with a small loss over the last 24 hours. Bitcoin trades flat, while Ethereum has lost 2.7 percent. The rest of the cryptocurrency market follows Ethereum with a mild loss.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $171 – $177, indicating a moderate amount of volatility over the last 24 hours. The trading volume has decreased by 8.71 percent and totals $2.2 billion. Meanwhile, the total market cap stands at $11.6 billion, ranking the cryptocurrency in 12th place overall.

LTC/USD 4-hour chart – LTC rebounds from $180

Looking at the 4-hour chart, the Litecoin price has retraced away from the $180 resistance, indicating that further retracement will be made later today.

The overall price action structure is still neutral over the past weeks after Litecoin retraced by more than 70 percent. After a strong spike to the $120 mark, Litecoin started to trade in an increasingly tighter range until a break lower was seen on the 8th of June.

From there, a lower low was reached around $145, meaning that bears are still in control. However, this could also be considered the last push lower before a much more serious reversal.

Over the past days we saw the Litecoin price establish a higher high above $170 and reached the $180 mark. From there, Litecoin started to retrace and reached $170 previous resistance, which now acts as a support.

Therefore, once a substantial higher low is established we expect LTC/USD to move higher once again. The next major resistance target is seen at $200. Once the $200 mark is reached, bulls will have a clear signal that the overall price action is ready to push towards new all-time highs.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish for the next 24 hours as bears retested the $180 mark after a strong rally over the past days, and the market price started retracing overnight. This should lead LTC/USD towards further retracement over the next 24 hours to establish a higher low once again.

While waiting for Litecoin to drop, read our guides on Cardano staking, how to cash out, how to buy Bitcoin stock. 

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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2021-06-16/