TL;DR Breakdown
- LTC moved lower overnight
- LTC/USD broke previous support of $135.
- A further downside is expected later this week.
Litecoin price analysis is bearish today as the market saw a sharp decline over the last 24 hours. Previous support around $135 was broken without hesitation, indicating that the market likely prepares for a lot more downside over the next days.
The overall market trades in the red over the last 24 hours. Bitcoin lot around 6 percent, while Ethereum 8.4 percent. The rest of the market trades with a similar bearish performance of 6-9 percent.
Litecoin price movement in the last 24 hours
LTC/USD traded in a range of $129 – $141, indicating a good amount of volatility. Trading volume has decreased by 4 percent and totals $1.575 billion. Meanwhile, the total market capitalization stands around $8.7 billion, ranking the cryptocurrency in 14th place overall.
LTC/USD 4-hour chart – LTC spikes lower again
On the 4-hour chart, we can see the Litecoin price starting to decline even further after a lower high was set earlier this week.
The overall market still trades within a strong bearish momentum over the last few days. After some recovery at the end of July, during which previous major support around $150 was retested as a resistance, ETH failed to breach further highs.
What followed was a consolidation above the $135 support over the past days and a quick spike lower overnight. This Litecoin price action development has resulted in a reversal for the medium-term trend, indicating that we can expect the $120 mark tested over the next few days.
From there, LTC/USD will likely set another lower high and push towards further downside from there. The next major support target is located around $95 and could be reached by the end of this month.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish for today as a clear lower high was set yesterday and the market moved lower from there past the $135 support. Therefore, we can expect LTC/USD to see further downside later this week with the $120 mark as the next target.
While waiting for Litecoin to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.
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