Litecoin Price Analysis: LTC reaches $170 overnight, pauses before further highs?

TL;DR Breakdown

• LTC continued to rally yesterday.
• $170 mark reached overnight.
• Litecoin prepares for another rally.

Litecoin price analysis is bullish for today as a slight retracement was seen earlier today after a rapid move to the $170 resistance yesterday. Therefore, we assume LTC/USD will continue moving higher and target the $180 resistance next.

The cryptocurrency market trades in the green over the last 24 hours. Market leaders, Bitcoin and Ethereum, are up by 1 and 2.8 percent, respectively. Litecoin is among the best performers, with a gain of 6.6 percent.

Litecoin price movement in the last 24 hours: Litecoin tests the $170 mark

LTC/USD traded in a range of $156.73 – $170.39, indicating strong volatility over the last 24 hours. Trading volume has increased by 59 percent and totals $2.84 billion, while the total market capitalization trades around $11.15 billion, ranking the cryptocurrency in 15th place overall.

LTC/USD 4-hour chart: LTC targets $180 resistance next?

On the 4-hour chart, we can see the Litecoin price action consolidating today as bulls gather momentum for another push higher.

Litecoin price action has continued to rally along with the several-week bullish price momentum. Since the last major swing low around $105, LTC/USD has gained more than 60 percent and reached the $170 mark.

The previous upswing, seen yesterday, resulted in another 15 percent spike higher, indicating that the overall market momentum is still strong. However, after reaching the $170 mark, LTC saw a slight retracement. 

Today, LTC/USD has spent consolidating around the $165 mark, which should lead Litecoin towards further upside over the next 24 hours. The next target to watch is around $180, which would result in a further gain of around 7.5 percent from the current price.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish as bulls continued to set further highs over the last 24 hours and reached the $170 mark. Today, LTC/USD saw a slight retracement and consolidation around $165, which should lead towards another attempt to push higher later today, with the $180 resistance as the next target.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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.

Source: https://www.cryptopolitan.com/litecoin-price-analysis-2021-08-10/