Trade Analysis & Reviews: 07.07.2021 - Litecoin price analysis for...

07.07.2021 01:37 PM

Litecoin price analysis for 7 July

LTC retested $135 support overnight.
Next target at $120 support.
Bearish momentum is likely to take over later today.

Litecoin price analysis is bearish for today as the market failed to set a higher high earlier this week and started consolidation around the $135 mark. Therefore, we expect LTC/USD to move lower later today and finally break the $135 support to test further downside once again.

LTC/USD traded in a range of $135.92 – $142.79, indicating a moderate amount of volatility. Trading volume has increased by 14.73 percent and totals $1.64 billion. Meanwhile, the total market capitalization stands at around $9.44 billion, ranking the cryptocurrency in 14th place overall.

What followed was a move higher to 150$, which now acts as a support. After Ripple price attempted to push higher again, a lower high was set around $148 on Monday. From there, the market started to consolidate in an increasingly tighter range above the $135 support.

This price action development means that the $135 support will likely be broken eventually, and further downside will be seen from there. Next, support is located around the $120 mark, and if reached from the current price, it would mean a drop of around 15 percent

Litecoin price analysis is bearish for the next 24 hours as the market set a lower high on Monday and started to form a base from which to move lower again. Once the $135 breaks, we can expect LTC/USD to push towards the $120 mark next and continue the several-week bearish momentum.

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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