Today’s Litecoin price prediction bullish as the market consolidates above $200 for the past 24 hours, indicating that it refuses to move lower. Therefore, we should see Litecoin move higher this week as it attempts to set a high thigh above $217.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has recovered from the bearish momentum seen overnight. Bitcoin and Ethereum remain relatively flat with a loss of 0.15 and 0.50 percent. Meanwhile, Ripple(XRP) and Tron(TRX) have both moved against the overall momentum and posted gains of around 18 percent. This could mean that we will see similar price action development for the rest of the market.
LTC/USD opened at $202 after bullish close yesterday took the market from $195 to the $205 resistance. Overnight, another push lower was seen towards the $200 support, with clear rejection for further downside as soon as the market dipped below this price level. Therefore, we expect Litecoin price momentum to finally start expanding and break above the current consolidation area.
Litecoin_price_movement_in_the_last_24_hours”>Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $200 – $207, indicating a good amount of volatility. Trading volume has dropped by 19.74 percent and totals $3.1 billion. The total market cap stands at $13.65 billion, ranking the cryptocurrency in 9th place overall.
LTCUSD_4-hour_chart_-_LTC_taking_a_break_before_pushing_to_217″>LTC/USD 4-hour chart – LTC taking a break before pushing to $217
On the 4-hour chart, we can see Litecoin pushing higher over the past hours after an increase in volatility overnight resulted in several retests of both the $200 support and $205 resistance.
LTC/USD 4-hour chart. Source: TradingView
Overall, Litecoin has been consolidating in an increasingly tighter range over the past 6-7 weeks after it set a new all-time high around $245. From there a retracement of around 40 percent was seen at the end of February, which resulted in a subsequent reversal towards the $230 mark. From there, another major higher low was set around $179 as the Litecoin price action reversed again and lost slightly more than 25 percent.
Over the past weeks, LTC/USD has pushed higher again and set another major swing lower high at $217, indicating that the several-week price action in an increasingly tighter range is still in play.
Last week, another push lower was seen, resulting in a quick loss of around 10 percent of the low of $195. From there Litecoin quickly moved back above $200 and started consolidating around the range of $200 as a support and $205 as resistance. Once LTC/USD can finally break out of this consolidation, a price action sentiment will likely be determined for the next week.
If LTC moves above the $205 mark, we expect the market to rally towards the previous swing high of $217 quickly. From there, the next major target is located around $230, meaning that if reached from the current price of $203, LTC/USD would gain 13 percent over a couple of days.
Alternatively, if the $200 support fails, we will likely see a retest of the $195 mark. If this support level fails to hold the Litecoin price momentum from further downside, we could see much stronger bearish price action development over the next weeks.
Litecoin_Price_Prediction_Conclusion”>Litecoin price Prediction: Conclusion
Litecoin price prediction is bullish as any attempt to move lower is met by strong support from buyers. As soon as the Litecoin price action can finally break above the $205 mark, we should see further upside over the upcoming days. The first target for LTC/USD is still the previous swing high, around the $207 mark.
While waiting for Litecoin to move above $205, see our Dogecoin price prediction for 2021-2025 as well as Dogecoin mining guide. To learn more about one of the oldest altcoins, see our EOS long-term price prediction.
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.