Litecoin Price Analysis: LTC breaks above $170, targets $180 next?

TL;DR Breakdown

• LTC moved higher yesterday.
• $170 mark broken overnight.
• LTC/USD targets $180 resistance next.

Litecoin price analysis is bullish for today as bulls continued to push the market higher overnight and broke past the $170 resistance. Therefore, we expect LTC/USD to target the $180 mark next and start retracing from there later this week.

The cryptocurrency market trades with a strong bullish momentum over the last 24 hours. Bitcoin is up by 1.68 percent, while Etherem has gained 3.6 percent. Cardano (ADA) is among the best performers with a gain of 15.4 percent.

Litecoin price movement in the last 24 hours: Litecoin breaks through the $170 mark

LTC/USD traded in a range of $159.08 – $171.93, indicating strong volatility over the last 24 hours. Trading volume has decreased by 7.5 percent and totals $2.54 billion. Meanwhile, the total market capitalization trades around $11.38 billion, ranking the cryptocurrency in 15th place overall.

LTC/USD 4-hour chart: LTC targets $180 next

On the 4-hour chart, we can see the Litecoin price action continuing to move higher today as bulls target the $180 resistance next.

Litecoin price action has traded with a very strong bullish momentum over the last weeks. After the previous swing low around the $105 mark was retested on the 20th of July, LTC/USD started to rally and broke past the previous swing high around $148.

This price action development indicates that the medium-term price action structure has turned bullish once again. What followed was further upside over the past week, with the $170 resistance reached on Monday.

After some retracement yesterday, LTC/USD found support around the $160 mark and started to rally higher overnight. Litecoin price broke past the $170 resistance over the following hours and currently prepares to reach the next resistance at $180.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish for the next 24 hours as a new higher high was set earlier today after a strong rally overnight. Therefore, we expect LTC/USD to continue gaining ground and target the $180 resistance next.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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.

Source: https://www.cryptopolitan.com/litecoin-price-analysis-2021-08-11/