TL;DR Breakdown
- LTC retests the $200 resistance overnight.
- The next support at $170 holds Litecoin.
- Nex support at $145.
Today’s Litecoin price prediction is bearish as the market found resistance around the $200 mark and started to move lower over the past hours. Therefore, we expect Litecoin to attempt to set a higher low over the weekend.
The overall market trades with substantial loss over the last 24 hours. Bitcoin has lost 8 percent, while Ethereum 10.5 percent. VeChain is among the worst performers with a loss of 16.78 percent.
LTC/USD opened at $194.42 today after a bearish close yesterday. A new local high was established around $210 overnight, and currently, the Litecoin price moves lower again to try to establish a higher low.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $170.58 – $208.46, indicating a good amount of volatility. Trading volume has decreased by 9 percent and totals $4 billion. Meanwhile, the total market cap trades at $11.7 billion, ranking the cryptocurrency in 14th place overall.
LTC/USD 4-hour chart – LTC moves to $170
On the 4-hour chart, we can see the Litecoin price action moving lower over the past hours to retest the previous support at $170.
The overall Litecoin price structure is still bearish as the market has yet to show clear signs of reversal. Over the past weeks, we saw LTC/USD declined by more than 70 percent and reach support at $120.
From the $120 support, Litecoin price moved to $200 earlier this week and set a slightly lower swing low. Overnight the $200 resistance was retested, with the market moving lower over the past hours as a result.
Right now, the $170 support prevents Litecoin from moving any lower, indicating we might see another push higher over the next 24 hours, with the $220 mark serving as the next resistance. Once the $220 resistance breaks, the Litecoin price should start to trend higher over the following weeks.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the market found resistance around the $200 mark overnight and started to reverse to the downside earlier today. Therefore, we expect another move lower later today. If a new higher low is set, we should see LTC/USD reverse in a serious way over the next week.
While waiting for further Litecoin price action development, read our guides on Cardano, Zcash, and Litecoin.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2021-05-28/
