Litecoin (LTC) retested its descending trendline at ~100 satoshi and reversed back below $125 today. As a result, the falling wedge is over, and Litecoin (LTC) is likely to fall to ~75 satoshi where it retests the trendline.
The cryptocurrency market has been in a bearish trend for more than a month. Prices of major cryptocurrencies have fallen sharply, and two of the most prominent coins, Bitcoin and Ethereum, have suffered major losses. One coin that has been relatively stable throughout this bear market is Litecoin, a peer-to-peer payment system based on the Bitcoin protocol.
Litecoin is looking to rekindle its promising partnership with the Counterparty Foundation, a community organization that focuses on enabling the development and use of blockchain technology. Litecoin has had a good year, gaining over one hundred percent in value. Since the beginning of 2014, it has provided over $15 million in value to the community.
- Yesterday, LTC increased in value.
- Overnight, the descending resistance trendline was retested.
- Further gain is likely to be rejected by the market.
Litecoin price research shows that negative momentum will continue later today, as a new lower high was formed around the $125-$128 price range, and additional upside is now being denied. As a result, we anticipate LTC/USD to reverse later today and begin a downward trend into the $105 key support next week.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been trading with a modest positive trend. Ethereum is up about 0.6 percent, while Bitcoin is up 1.27 percent. The rest of the major cryptocurrencies have a varied low volatility performance.
In the past 24 hours, the price of Litecoin has moved: Litecoin has made a new lower high.
Over the past 24 hours, LTC/USD has moved in a range of $123.62 – $128.01, suggesting a moderate degree of volatility. The entire market value of the cryptocurrency is approximately $8.4 billion, putting it in 13th position worldwide. Trading volume has stayed constant at $1.1 billion.
LTC/USD 4-hour chart: Is LTC poised for another drop?
After a retest of a several-week declining resistance trendline, the Litecoin price is poised to go lower on the 4-hour chart.
4-hour chart of LTC/USD. TradingView is the source of this information.
After failing to rise over the $150 level at the end of July, the price of Litecoin is now in a strong negative trend. LTC/USD then failed to make a last effort to go higher, and witnessed additional lower highs as a result.
The negative momentum became stronger as the market action progressed, culminating in a fast rise to the $105 level, which had previously served as support. LTC/USD rapidly recovered more than 20% before retesting the falling resistance trendline that had been in place for many weeks.
Further upward pressure is now being resisted, suggesting that the price of Litecoin will reverse in the next 24 hours and begin heading back towards the $105 prior support. If a higher bottom can be formed above $105, the ADA/USD pair may begin to move upward in the coming weeks, reversing a multi-month negative market pattern.
Conclusion on the Price of Litecoin
As a new lower high was made overnight along the several-week declining resistance trendline, Litecoin price research suggests negative momentum will continue over the next 24 hours. As a result, we anticipate LTC/USD to trade lower later today, with a retest of the $105 key support next week.
While you wait for Litecoin to drop in price, check out our tutorials on Bitcoin fees, DeFi, and what you can buy with Bitcoin.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
In the last few days, the Litecoin price has been retesting the descending trendline support at the $150 level. With the Litecoin price rallying recently, we may begin to see more gains in the near-term. On the other hand, as we noted in our previous Litecoin price analysis, the support at the $150 level is not as firm as the price action suggests.. Read more about coinstats down and let us know what you think.
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