Litecoin price analysis: LTC still moves sideways, prepares to break $135 support next?
Litecoin (LTC) has been trading sideways since Jan 1, 2018. The cryptocurrency dropped to a low of $134.60 on Jan 15, 2018. The price has since climbed to the $137.00 mark. However, the price has been in a sideways trend for the majority of this period, making every price action point set to break below the $135 mark all the more important for traders.
Today will be a rather short post, since there are not many news to talk about. So, what do we see? Litecoin (LTC) is still trading in a sideways pattern, and is currently trading below $135.00. In the short-term, the price is likely to move sideways for a while, staying below $135. There is no major news, or any developments that might spur a price breakout.
Summary of the situation
LTC retested the $135 support level last night.
The next target is at the $120 support level.
Bearish momentum is likely to prevail today.
The Litecoin price analysis for today is bearish, as the market failed to reach a higher high earlier in the week and began to consolidate around the $135 level. Therefore, we expect LTC/USD to move lower today and eventually break the $135 support level to test a new low.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has traded in the green for the past 24 hours. Bitcoin was up 1.66% and Ethereum was up 5%. Binance Coin is one of the best performing coins with a growth of almost 7%.
Litecoin price movement in the last 24 hours
LTC/USD was trading in a range of $135.92 to $142.79, showing moderate volatility. Trading volume increased 14.73% to $1.64 billion. At the same time, the total market capitalization is $9.44 billion, which puts the cryptocurrency in 14th place overall.
LTC/USD 4-hour chart – LTC retest $135
On the 4-hour chart, we see that Litecoin price is gearing up for another downward move after support at $135.
LTC/USD 4 hour chart. Source: TradingView
Overall, the market traded with strong bearish momentum in recent weeks, with another strong push down from the $180 resistance. Ripple then fell by more than 40% until support was found around the $110 level.
This was followed by a move back to the previous resistance level of $150, which now serves as support. After attempting to recover, Ripple’s price reached a lower top of about $148 on Monday. The market then began to consolidate into an increasingly narrow range above the $135 support level.
This development means that the $135 support level is likely to be breached at some point and further declines are likely from that point. Another support is around the $120 level, and if reached from the current price, it would represent a drop of about 15 percent. From here, XRP/USD will likely try to reverse the bearish momentum that has been going on for several weeks or break out lower towards the $95 support.
Litecoin Price Analysis: Supplement
Litecoin price analysis is bearish for the next 24 hours, as the market set a lower high on Monday and has begun to form a base from which it will go lower. Once the $135 level is breached, we can expect LTC/USD to rush towards $120 and continue the downward momentum that has been going on for several weeks.
While we wait for Litecoin to fall, check out our guide on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.
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