TL;DR Breakdown
- LTC peaks below $280.
- Next local target at $290.
- Closest support at $260.
Today’s Litecoin price prediction is bullish as the market has retraced some of the gains seen overnight and continues finding support around the $265 price mark. Therefore, we expect LTC/USD to move towards the next resistance at $290 early next week.
The crypto market trades with mixed results over the last 24 hours. Bitcoin is down 1 percent as it retraces some of the gains seen overnight. Meanwhile, Ethereum is up by 2.6 percent as it continues its way towards $3,000. Among the best performers are VeChain and Huobi Token, which both are up by 7 percent.
LTC/USD opened at $277 today after a bullish close yesterday below the $280 mark. Earlier today a slight retracement to the $265 mark was made as the market continues rejecting further downside. Therefore, we expect Litecoin to rally towards the next target at $290 over the next 24 hours.
Litecoin price movement in the last 24 hours
LTC/USD traded in a moderate range of $265 – $278, with a 24-hour trading volume of $3.5 billion, which is down 7.73 percent. The total market cap stands at $18 billion, ranking the cryptocurrency in 11th place overall.
LTC/USD 4-hour chart – LTC looking to retest previous resistance as a support
On the 4-hour chart, we can see LTC/USD retesting the $265 mark over the last hours. As long a further lower low is not made later today, we expect LTC to reach the $290 mark early next week.
The overall market price action continues its way to set a higher major high above the $290 mark. After losing more than 30 percent during the second half of April, Litecoin established support around a $220-$230 area and started moving higher again.
Litecoin had already reached the $260 mark in the middle of this week, where a several-day consolidation was formed. Considering the previous market structure, this was a bearish sign, and bears expected further downside. However, on the 30th of April, LTC moved higher and set another local higher high just below the $280 price level as mentioned in our previous Litecoin price prediction.
Over the past hours, the Litecoin price action retraced to the $265 mark again. Since no further downside was made, we can assume that bulls will try to push the market higher over the next 24 hours. The next target to break is located at the $290 level, where Litecoin set the previous major swing high on the 22nd of April.
Once the $290 level is broken, LTC/USD price action would confirm a change in the medium-term trend. This should lead Litecoin towards the next major target at $335 later this month.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bullish as Litecoin is set to continue higher along with the several-day bullish momentum after retesting previous highs as support. Therefore, Litecoin should reach the next price target of $290 early next week.
While waiting for further Litecoin price action development, see our guide on Litecoin mining. To learn more about the market leader – Bitcoin, see our articles on Bitcoin wallets and ETFs.
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.
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Source: https://www.cryptopolitan.com/litecoin-price-prediction-2021-05-02/
