AnalysisCoin

LTC smashes through $180, preparing to retrace?

The Litecoin price analysis for today is negative since the market touched $180 yesterday but could not go higher. As a result, we anticipate LTC/USD retracing later today and attempting to retest the $170 level.

The bitcoin market has had a mixed day in the last 24 hours. The market leader, Bitcoin, is down 0.52 percent, while Ethereum is up 1.8 percent. Meanwhile, Ripple (XRP) is one of the best performers, up 16 percent.

Overnight, the price of Litecoin surpassed $180

Over the last 24 hours, LTC/USD has traded in a range of $175.78 to $186.37, suggesting modest volatility. The entire trading volume has decreased by 10.2 percent to $2.4 billion. Meanwhile, the entire market capitalization is about $11.9 billion, indicating a 14 percent market share.

The LTC/USD 4-hour chart shows: Is it time for a retracement in LTC?

The price of Litecoin has been stabilizing overnight on the 4-hour chart, as bears prepare to make another higher low later today.

The price of Litecoin has surged substantially over the previous several weeks. Consequently, after retesting the $105 prior support from July 20th, LTC/USD continued to rise and broke over the $150 previous swing high.

Litecoin Price Analysis: LTC breaks $180, slowly prepares to retrace?
LTC/USD 4-hour chart. Source: TradingView

Bullish momentum has persisted over the previous week, culminating in a cumulative rise of almost 75 percent to the current high of $186. However, when LTC/USD began to settle sideways, the additional gain was not possible tonight.

As a result, we expect the Litecoin price to retrace later today. Around 170 is where the initial degree of support is found. Next week, we predict a further surge if LTC/USD can find support there, with the $200 mark as the next big objective.

Conclusion

Since there was no further rise and overnight stabilization around the $180 mark, today’s Litecoin price analysis is bearish. As a result, we expect LTC/USD to retrace later today in the hopes of forming a fresh higher bottom around $170.

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