- Litecoin trades around $153 after a push higher earlier.
- Closest resistance at $155.
- Closest support around $143 area.
Litecoin price prediction for today is bearish as we could see a further retracement after another test of resistance area around $155.
The overall market sent mixed signals today as the majors – Bitcoin and Ethereum remain flat after strong bullish momentum yesterday. Rest of the market, however, is relatively bullish with solid gain across the board.
Litecoin Price Prediction: Litecoin price prediction: LTC ready to test $155 again
LTC/USD opened at $145 after a retest of $143 support. Right now, the price of Litecoin is heading to test the resistance at $155, which was mentioned in our previous Litecoin price prediction. Unless Litecoin can make a clean move above the $155 resistance as well as the previous swing high, we should see LTC reversing to the downside once again and heading towards the previous low.
Therefore, the Litecoin price prediction is bearish for the upcoming hours. This could, however, change quickly, depending on what happens later on.
Litecoin price movement in the last 24 hours
During the last 24 hours, Litecoin has moved in a range of $142.41 – $155.27. The 24 hour trading volume has remained flat compared to yesterday, with just under $7.8 billion turnover. Therefore, the overall volatility and market interest is substantial, and we could see Litecoin rapidly moving to either side if previously mentioned technical levels are broken or respected.
LTC/USD 4-hour chart – Litecoin to form ABC retracement pattern?
Looking at the 4-hour chart, we can see that Litecoin has set both a higher high and a higher low after several weeks of bearish momentum in January.
The previous major swing high of $165 is yet to be tested. Break above it would be a very strong technical indicator for LTC/USD`s reversal to the upside. Litecoin did already break above previous local swing highs of $143. This allowed the $143 price level to turn from resistance to support.
Since the $143 level was already tested as support successfully, we could see the price of LTC moving higher in the upcoming hours. However, the resistance of $155 needs to be broken first. Therefore, traders should pay attention to what happens close to this area. If Litecoin rejects further upside, we could see another push lower, likely towards the next support at $135. An additional target could be the $140 psychologically semi-round number price mark, which is also where both the 50 and 100 period moving averages are located as of now.
Therefore, if we see Litecoin rejecting further upside, a short position can be taken with the expectation that the previously mentioned support targets will be reached later on.
Alternatively, if Litecoin moves above the $155 resistance and the previous local swing high at $159, we could see Litecoin move further towards $165 previous major swing high. From there on, Litecoin`s price structure could send a very strong signal for the upcoming market direction. If the high is broken in a clear way, Litecoin should start heading towards a new all-time high again.
Litecoin Price Prediction: conclusion
Litecoin price prediction for today is bearish as Litecoin is yet to test the resistance ahead. If LTC can break through it, we should see a move towards the $165 resistance, where the previous major swing high was set in the middle of January.
Alternatively, if Litecoin rejects further upside, the analyst believes we will see further downside in the form of ABC pattern, leading LTC/USD to at least $140 price mark.
Therefore, right now, the best option would be to wait for further downside. While waiting, see our latest news on upcoming ETH CME Futures potentially dethroning BTC as well as potential Coinbase IPO.
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.
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