Home Cryptocurrency Litecoin price prediction: Litecoin consolidates below $260, bearish momentum to take over?

Litecoin price prediction: Litecoin consolidates below $260, bearish momentum to take over?

by Gordon James

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Over the past 7 days, Litecoin has dropped from $312 to $259, a change of -11%. Meanwhile, the market capitalization of the digital currency has gone down from $4,4 billion to $3,3 billion, a change of -25%.

Litecoin price has been consolidating for the last several hours and is currently trading in the green at $262 after an increase of 5.62% over the past 24 hours. The market cap of Litecoin is currently $2.69 billion which makes it the fifth largest cryptocurrency in the world. The 24-hour trading volume of Litecoin is $707 million which is about 8.29% of the total market cap.

Summary of the situation

  • LTC reached a high of $267 early yesterday morning.
  • The $260 level provides room for further increases.
  • The next support level is at $245.

The price outlook for Litecoin is bearish today, as the market has consolidated below the $260 resistance level over the past 24 hours, following a 20% rise on Monday. Therefore, we expect LTC/USD to pull back from some of the positions reached in the next 24 hours.

Crypto-currency heat map. Source: Coin360

The entire cryptocurrency market is up today, although bitcoin has been flat for the past 24 hours. Ethereum is up 4%, and the rest of the altcoin market is following suit. Cardano (ADA) is one of the best performing companies with growth of over 9%.

LTC/USD opened at $258.8 after consolidating in a relatively narrow range yesterday. This Litecoin price action likely indicates that we will see a reversal to the downside today. Initial minor support is at $245 and a more realistic price target is at $235.

Litecoin price movement in the last 24 hours

The LTC/USD exchange rate ranged from $249 to $260, indicating moderate volatility. Trading volume fell 21.82% in 24 hours to $3.6 billion. The cryptocurrency has a total market value of $17 billion, putting it in 10th place overall.

4-Hour chart LTC/USD – LTC gives up yesterday’s gains and consolidates below $260 resistance

On the 4-hour chart, we see that LTC failed to make new highs overnight, suggesting that the market is likely to reverse during the day.

4-hour chart LTC/USD. Source: TradingView

Litecoin price prediction: Litecoin consolidates below $260, bearish momentum to take over?

The overall price structure of the market remains bearish as we have seen two strong waves of declines over the past week. After LTC on the 17th. After peaking at $235 in April, the market quickly lost nearly 30% until support was found around $240-245. Litecoin then consolidated for a few days and recovered some of its losses by falling on the 22nd. April reached a lower high of $290. Later, Litecoin declined again and reached a significant low at $207.

Litecoin has found support around $220, where it has been consolidating further for over 24 hours. Late last week, the LTC/USD pair rebounded and quickly rejected further declines. This price action led to strong gains in the following days until resistance around $265 was reached.

Over the past 24 hours, Litecoin has consolidated below the $260 resistance level, suggesting that bullish momentum has been exhausted and that we are likely to see another move lower later this week. The first major support level is around $235. If Litecoin is able to establish a higher bottom around the $235 support area, we can expect a further rise towards the $280 level later this week.

However, if LTC/USD drops below $235, we expect the market to retest the $220 support in the coming days. If this does not hold, the LTC will experience further downward momentum in the coming weeks.

Litecoin Price Forecast: Supplement

The Litecoin price outlook is bearish as the bullish momentum in the Litecoin price over the past few days has been exhausted. Therefore, we expect LTC/USD to reverse and fall over the next 24 hours, with the first major support at $235.

In anticipation of further Litecoin price movements, read our long-term Litecoin price forecast.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

This source has been very much helpful in doing our research. Read more about litecoin price history and let us know what you think.

Frequently Asked Questions

What will litecoin be worth in 2020?

The litecoin price is trading at $109.22 through early Monday afternoon, having gained 6.51% over the past 24 hours. The cryptocurrency traded at as high as $111.20 earlier today, its highest price since May. The litecoin price has gained 35.6% over the past month, CoinDesk’s Litecoin Price Index (LPI) figures reveal. Litecoin is a cryptocurrency that enables instant payments to anyone in the world and that can be efficiently mined with consumer-grade hardware. It is based on an open source protocol existent since 2011. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, litecoin is a proven medium of commerce complementary to Bitcoin.

Will litecoin reach 1000?

Litecoin is one of the oldest cryptocurrencies besides bitcoin and has a history of steady growth and development. Now, as the cryptocurrency markets begin to mature, many investors are adopting cryptocurrencies as an alternative to other investment opportunities. This has caused a price surge for litecoin over the past week. (Its price rocketed past $300 on Monday.) Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency created by Charlie Lee. Like Bitcoin, Litecoin is a decentralized, open source payment network that is supported by its users with no central authority or middlemen. Litecoin has been around since October 2011 and has some major differences compared to Bitcoin. The Litecoin network is scheduled to produce 84 million currency units. This is 4 times as many currency units as will be issued by the Bitcoin network. However, the Litecoin network is scheduled to stop generating currency units when the total number of units reaches 84 million. This is the case where a cryptocurrency is known as “deflationary” since it has a limited supply. (From “blockcon”)

Is litecoin a good investment 2021?

As the world of cryptocurrency became more complex, a new solution was needed. That solution was litecoin, which was a fork of the bitcoin protocol designed to address bitcoin’s main flaws. One of those flaws was transaction speed, and litecoin’s blockchain was designed to process transactions faster. (The network is capable of handling 56 transactions per second, compared to bitcoin’s 7 transactions per second.) The other advantage over bitcoin is that litecoin’s mining is a lot more accessible to regular folks. litecoin (LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some technical improvements over Bitcoin, and most other major cryptocurrencies. For example, Litecoin transactions are faster and cheaper than Bitcoin transactions.

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