Litecoin (LTC) has been one of the best performing major cryptocurrencies this year, along with Ethereum (ETH). The altcoin has more than doubled in value since the start of the year, and currently trades close to its all-time high of $350. However, the coin is currently experiencing a correction, which is putting some pressure on the price. (After all, the current price of $300 is still well above the December 2017 lows of $130.)
Litecoin (LTC) seems to be forming a short-term recovery pattern on the 1-hour chart. I think you should be long on LTC at the current market price (if you believe that Litecoin will rise to $300). I will explain why in this blog post.
Summary of the situation
- LTC breaks through $335 support, which now serves as resistance.
- The next bracket is $300.
- The next disc is $280.
The Litecoin price forecast for today is bearish as the market moves lower to retest $300 support. If no further declines are rejected today, we expect LTC to head for the next support at $280.
In the past 24 hours, the market has fallen. Bitcoin is trading below $50,000 and has lost 11%, while Ethereum has lost 10%. Filecoin (FIL) was one of the worst performers, losing 16.5%.
Litecoin Price Forecast: Litecoin heading for a retest of $300 support, will LTC/USD roll over?
LTC/USD opened at $311 after a sharp drop to $300 yesterday. The price of Litecoin is now starting to fall again and could reach new lows in the next 24 hours.
Litecoin price movement in the last 24 hours
The LTC/USD price ranged from $300.36 to $359.67, indicating high volatility. Trading volume rose 27.5% in 24 hours to $10.2 billion. The cryptocurrency has a total market value of $20.7 billion, putting it in 11th place.
4-Hour chart LTC/USD – LTC moves down after retesting $335 resistance
On the 4 hour chart, we can see that Litecoin has been moving downward for the last few hours and has retested the $300 support.
Litecoin has performed well in recent weeks, rising more than 90% from a support level of $217 to a current all-time high of $413. From that point the market reversed and retested the $335 support level and made an unsuccessful attempt to move higher. A lower high was set and LTC/USD quickly broke through the $335 support until it reached $300.
Overnight, Litecoin recovered some of its losses and retested the previous support level of $335 as resistance. Currently, the market is falling again and trading near the $300 support level.
Therefore, it is likely that Litecoin will decline in the coming hours and hit the next major support at $280. The $280 level served as very strong resistance in April, meaning we could see a reversal in Litecoin’s price action around this price area.
If a new low is reached around the $280 support level, Litecoin price could see a new major uptrend for a few weeks. The next major price target is around the $500 mark, implying a potential gain of around 60 from the current price.
Litecoin Price Forecast: Supplement
The Litecoin price outlook is bearish as the market moves lower after retesting the $335 resistance this morning. Therefore, we expect LTC/USD to make another attempt to drop to the next support around $280.
While we wait for more predictions on the price of Litecoin, check out our articles on the other major altcoins – Ethereum Classic and Monero. If you want to learn more about how to store cryptocurrencies, check out our 2021 wallet guide.
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