Litecoin has been in a downtrend from the $240-$260 area for a few days, and is currently trading at $129.71. The price has been going down despite the growing craze around Litecoin, which is making the entire crypto market go up like crazy. The Litecoin price is below the $120-$125 resistance area, so it is unlikely for LTC to break above $130 this week. However, the bears will have to break below the $120-$125 resistance area to start a new downtrend.
As the Litecoin price approaches $120-$125 resistance area, we expect the downtrend to reverse overnight. If LTC doesn’t break, we will get a good buy signal at $120. We believe the coin will remain under some selling pressure for at least a week, but once LTC breaks $125, we will get a buy signal.
Litecoin is a peer-to-peer cryptocurrency that allows instant and near-zero cost payments to anyone in the world. It’s not a decentralized currency, like Bitcoin, but it is gaining on its rival. Here’s a breakdown of the current price and how Litecoin can move in the coming days.
Yesterday, LTC increased in value.
Overnight, a resistance level of $120 was achieved.
The market is currently positioned to test new highs.
As the $120-$125 barrier level is now being challenged, Litecoin price research predicts negative momentum later today. As a result, LTC/USD should make a new lower high and continue to fall from there.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the entire crypto market has been in the green. Bitcoin has risen almost a percent, while Ethereum has gained around 2.5 percent. With a gain of approximately 16 percent, Stellar (XLM) is one of the top performers.
In the past 24 hours, the price of Litecoin has risen approaching $120.
Over the past 24 hours, LTC/USD has moved in a range of $115.58 to $119.96, showing moderate volatility. The cryptocurrency’s trading volume has risen by 11.24 percent to $1.44 billion, with a total market value of approximately $8 billion, putting it in 13th position worldwide.
On the 4-hour chart of LTC/USD, the resistance region of $120-$125 is approaching.
The Litecoin price is heading towards the $120-$125 resistance region on the 4-hour chart, where the next lower swing high should be established.
4-hour chart of LTC/USD. TradingView is the source of this information.
After another big swing down high was set at $148, Litecoin price movement has been very bearish in recent weeks. Last month, the $148 high was established after a brief rise near the $105 level as part of a multi-month pullback from the previous all-time high.
LTC/USD failed to reach new highs earlier this month, settling at a slightly lower high of $148. From then, the price fell further to the south, with more strong bearish momentum, until the $105 support was challenged again on July 20th.
Yesterday, there was a sharp pullback, with the $120 level being challenged overnight. Litecoin is now attempting to go higher, suggesting that there may be more upside later today. However, during the following 24 hours, LTC/USD should reverse and begin heading towards new lows later this week, breaking the $105 prior support.
Conclusion on the Price of Litecoin
A significant resistance region around $120-$125 is now being challenged, and we may anticipate another lower high to be made in the following 24 hours, according to Litecoin price research. As a result, LTC/USD could begin a downward trend later this week, aiming to break the $105 support level.
While you wait for Litecoin to drop any further, check out our tutorials on DeFi, Bitcoin fees, and what you can buy with Bitcoin.
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