Litecoin price analysis: LTC spikes above $120, strong bullish signal set?

TL;DR Breakdown

• Litecoin price analysis is bearish today.
• Major resistance at $120 tested overnight.
• LTC/USD spiked to $124 over the last hours.

Litecoin price analysis is bearish today as we expect a slight retracement to follow next after a strong spike above $120 resistance. Likely previous resistance around $116 will be retested as support, and another higher low will be set there.

The market has seen more upside over the last 24 hours, with Bitcoin up by 3.79 percent. Ethereum followed with a 2.17 percent gain, while the rest of the top altcoins, such as Litecoin, moved even higher.

Litecoin price movement in the last 24 hours: Litecoin continues to rally, breaks $120

LTC/USD traded in a range of $114.55 – $122.88, indicating strong volatility over the last 24 hours. Trading volume has increased by 30.38 percent, totaling $1.14 billion, while the total market cap trades around $8.5 billion, resulting in a market rank of 20th place.

LTC/USD 4-hour chart: LTC finds resistance at $124

On the 4-hour chart, we can see the Litecoin price getting rejected as of now, likely meaning another retracement that sets a higher low is due next.

Litecoin price action has set a series of higher local lows and highs for almost two weeks now. After some consolidation early last week, further higher highs were set until the previous major swing high at $116 was broken on the 19th of March. 

Consolidation below the resistance followed over the weekend as another base from which to continue higher was established until overnight to Today. Shortly after midnight, LTC/USD spiked to $120 next resistance, with further tests for upside reaching as high as $124 over the last hours.

However, considering the sharp advance the Litecoin price has seen over the last 24 hours, we assume bulls are exhausted as of now. Slight retracement should be seen next to set up the next move higher later in the week as the overall momentum is still very bullish.

Litecoin price analysis: Conclusion 

Litecoin price analysis is bearish today as the market has spiked around 7 percent higher to the $124 since the last resistance. Therefore, a minor correction should be a healthy sign before more upside is tested later in the week. 

While waiting for Litecoin to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO