After a few weeks of staying stagnant, Litecoin’s price has skyrocketed in the last day, breaking the $128 level and rapidly moving to over $140. Although there’s no official explanation for the sudden price surge, one plausible explanation is that Litecoin has become a hot topic in the crypto world.
Litecoin is back in the news this week. The price of LTC has been steadily climbing for several days now, but it has now broken through resistance at the $130 level to reach a new all time high of $134. At the time of writing, Litecoin is sitting on a price of $134.40 and seems poised to continue higher moving forward.
The Litecoin price chart is quite impressive this month. In just a short span of a week or so, the price of Litecoin has broken $130, and is on the verge of reaching an all time high of $140. After the recent Bitcoin Cash (BCH) fork, panic has gripped the cryptocurrency community. There is fear that the Litecoin price will collapse, and there are a lot of questions about whether this is a good time to buy LTC. If you have already decided to invest in Litecoin, then this article is for you.. Read more about litecoin value and let us know what you think.
TL;DR Summary
- Overnight, LTC jumped to $140.
- As of now, any more upward is ruled out.
- Litecoin is about to reverse its gains from the previous day.
After a 35 percent rise in the previous days, any additional upside was denied at $140 earlier today, indicating that Litecoin price analysis is bearish for the next 24 hours. As a result, we anticipate LTC/USD to begin retracing later today and target the prior barrier of $128 as support.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has seen a significant increase. Bitcoin has increased by 12%, while Ethereum has increased by approximately 8.5 percent. In the meanwhile, Dogecoin (DOGE) is one among the top performers, up 16.3 percent.
The price of Litecoin has risen above $140 in the past 24 hours.
Over the past 24 hours, LTC/USD has moved in a range of $123.89 – $139.85, showing high volatility. The overall trading volume has risen by 61% to $1.77 billion. In the meanwhile, the overall market capitalization is approximately $9.2 billion, putting it in 13th position.
4-hour chart of LTC/USD: Is LTC about to retrace?
After a strong surge above the $140 level overnight, the Litecoin price has rejected additional higher on the 4-hour chart, suggesting an impending reversal.
4-hour chart of LTC/USD. TradingView is the source of this information.
After a swing high of $148, the price of Litecoin has been trading with a strong negative trend in recent weeks. Over the first part of July, a distinct declining resistance trendline was created, with a significant push downward observed from July 12 to July 20. LTC/USD lost more than 30% of its value before finding support at $105.
Following that, the price rocketed upward, first to $120, which had previously served as support, and then to $128. On the 25th of July, the price of Litecoin challenged the descending resistance trendline, perhaps signaling a reversal.
LTC/USD, on the other hand, spiked higher overnight, breaking past the resistance trendline and the $128 level. This price movement culminated in a test of the next resistance level, which was around $140. As a result, the price movement of LTC has turned positive once again, and we may be seeing the first significant indication of a far more severe medium-term turnaround.
To begin, Litecoin must reverse some of its overnight gains and retest $128 as support. If another higher low can be made, Litecoin may challenge the prior swing high resistance of $148 later this week.
Conclusion on the Price of Litecoin
Bearish momentum is expected in the next 24 hours, according to Litecoin price research, after bulls gained another 10% overnight. As a result, we may expect the positive price action momentum in LTC/USD to be exhausted, and the market to begin retracing some of the overnight gains.
Read our articles on DeFi benefits, Bitcoin fees, and what you can purchase with Bitcoin while you wait for Litecoin to retrace.
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.
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