The long-term prospects of Litecoin (LTC) have never looked better. At the end of January, the Litecoin price surged past the $100 mark for the first time. Now, LTC has put its best foot forward as it slowly climbs above $120. Although the gain today was small, it’s enough to reverse the selling pressure and send prices higher.
LTC, the 16th largest cryptocurrency by market cap, had a good run this year, rising from $6 to $120. But with the recent cryptocurrency bear market, LTC has seen its price retreat to around $120, a level the Litecoin community will hope to hold.
“Litecoin Price Analysis: LTC slowly moves above $120, set to reverse today?”. Read more about litecoin news and let us know what you think.
- Yesterday, LTC gained much more ground.
- Resistance to $120-$125 is currently being evaluated.
- The price of Litecoin is expected to fall over the weekend.
According to Litecoin price research, negative trend will continue later today as additional upward is still denied around the $120-$125 barrier region. As a result, we anticipate LTC/USD to reverse in the next 24 hours and retest the prior key support of $105 once again.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been in the green. Ethereum is up about 3.9 percent, while Bitcoin is up 1.72 percent. Polkadot (DOT) is one of the best-performing stocks, up almost 8%.
Litecoin price action in the past 24 hours: Litecoin rallies into resistance at $120-$125.
Over the past 24 hours, LTC/USD has traded in a range of $115.97 to $121.91, showing significant volatility. The overall trading volume has dropped by 22.88 percent to $1.17 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $8 billion, putting it in 13th position worldwide.
LTC/USD 4-hour chart: Is LTC on the verge of reversing?
On the 4-hour chart, Litecoin price action is refusing additional upside around the $120-$125 resistance level, indicating that bears are preparing for another push down.
4-hour chart of LTC/USD. TradingView is the source of this information.
After setting a new swing high at $148 at the end of June, the price of Litecoin has dropped significantly in the past week. After failing to make new highs, LTC/USD began to gradually swing downward. Following that, the negative trend became stronger until the $105 level was hit on July 20th with tremendous momentum.
Litecoin immediately reversed and rebounded from the $105 support to the $120 support turned resistance. Late yesterday, a new high was observed as additional upside was tried around the $120-$125 resistance level. However, additional gains were denied, suggesting that bears are gradually gaining control of the market’s momentum.
Bears are likely to try to retest the $105 level again over the weekend, thus this Litecoin price movement should lead to further loss over the weekend. We anticipate a lot more additional loss in the coming weeks if the $105 support fails to hold. If the $105 level holds, LTC/USD may begin to go higher and ultimately reverse the negative price action pattern that has been in place for many months.
Conclusion on the Price of Litecoin
Bearish momentum is expected to take over later today, according to Litecoin price research, as a significant lower high is presently being set. As a result, we anticipate LTC/USD to reverse in the next 24 hours, pushing towards the prior key support level of $105 next.
Read our articles on Bitcoin fees, DeFi benefits, and what you can purchase with Bitcoin while you wait for Litecoin to drop.
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The Litecoin price kicked off the week on a high note, and it seems like the bulls have decided to stick around. The Litecoin price is slowly moving away from the $120 support level, and the bulls are trying to take it back above this level. As long as the price is above this level, the bulls will cheer on the Litecoin price.. Read more about ltc news today and let us know what you think.
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