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- Litecoin price analysis is bullish today.
- LTC/USD spiked lower to $190.
- Further downside currently rejected.
Litecoin price analysis is bullish today as we expect the current push lower to set a higher low and LTC to reverse from there. Likely LTC/USD will see consolidation before recovery is made.
The overall market traded mostly with a bearish result over the last 24 hours. Bitcoin lost 2 percent, while Ethereum 3.02 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with over 15 percent gain.
Litecoin price movement in the last 24 hours: Litecoin spikes lower after consolidation around $200
LTC/USD traded in a range of $191.84 – $201.73, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24 percent and totals $1.67 billion, while the total market cap traded around $13.35 billion, ranking the coin in 18th place overall.
LTC/USD 4-hour chart: LTC set to reverse above $190?
On the 4-hour chart, we can see Litecoin price action rapidly reaching the $190 support over the past hours, with buying pressure slowly returning.
Litecoin price action has seen strong bullish momentum return over the past weeks. After a strong spike below $175 at the end of October, LTC/USD rapidly regained loss, returning above $190.
After some consolidation, another move higher began on Monday, eventually leading LTC/USD to a new higher high at $210. After a second attempt to break higher, the market pivoted into a retracement again.
After a slow downside movement over the past days, the Litecoin price action finally saw a strong spike lower earlier today. However, the $190 support was not broken, indicating that we might be seeing a new higher low set.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bullish today as the $190 mark currently acts as a support, rejecting further downside over the past hours. Therefore, LTC/USD has likely set a new higher low, leading to a reversal to come over the next days.
While waiting for Litecoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.
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.