Litecoin price analysis: Litecoin retests $170 again, builds momentum to break $220?

TL;DR Breakdown

• LTC moved sideways overnight.
• $170 support still holds.
• Next resistance at $220.

Litecoin price analysis is bullish for today as the market continues moving sideways and establishes a base from which to move higher next week. Therefore, we expect LTC/USD to move to $220 next week and continue moving higher from there.

The overall market trades relatively flat over the last 24 hours. Bitcoin has remained flat, while Ethereum trades with a small gain of $2 percent. Rest of the market follows this pattern of relatively calm price action movement.

LTC/USD opened at $173 today after a slightly bearish close yesterday. Overnight, LTC/USD found support at the $170 mark, meaning that we expect to push higher to the $220 mark over the next 24 hours as it is the next resistance target.

Litecoin price movement in the last 24 hours

LTC/USD traded in a range of $168 – $180, indicating a moderate amount of volatility. Trading volume has decreased by 10 percent and totals $2.4 billion. Meanwhile, the total market cap stands at $11.8 billion, ranking the cryptocurrency in 14th place overall.

LTC/USD 4-hour chart – LTC prepares to push higher?

On the 4-hour chart, we can see the Litecoin price action still consolidating above the $170 support over the past 24 hours, forming a base from which to move higher next week.

The overall market continues to move sideways over the past days after establishing a low at the $120 mark late last month. Since the Litecoin price action declined by 70 percent, we expect that bears are likely exhausted and we could see a strong reversal next week.

Over the past days, Litecoin set both a higher low and a lower high, indicating that the market is trading in an increasingly tighter range. Therefore, once Litecoin finally gathers enough momentum to break the $200 mark, we can expect further upside later this month and a reversal from the several week bearish price action structure.

However, for now, it is best to stay on the sidelines and wait for further price action development.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish as the market continues to respect the $170 support and prepares to push higher to finally reverse the several week bearish price action momentum. Therefore, early next week, we can expect Litecoin to move higher to the $220 mark and further increase bullish pressure.

While waiting for further Litecoin price action development, read our guides on Cardano, Zcash, and how to invest in Bitcoin.

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-2021-06-06/