Litecoin Consolidates above $100 but Risks a Further Downward Move

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Key Highlights
LTC price faces rejection at $116
LTC price consolidates above $100

Litecoin (LTC) Current Statistics
The current price: $113.19
Market Capitalization: $9,499,969,626
Trading Volume: $936,587,064
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 1, 2022
Litecoin’s (LTC) price has been in downward correction but risks a further downward move. The downward correction became necessary as buyers failed to keep LTC prices above the moving averages. Today, LTC price is facing resistance as buyers attempt to break above the moving averages. Since February 21, LTC/USD has been fluctuating between $100 and $116 price levels. On February 10, the bulls made attempt and broke above the moving averages but were unable to sustain the bullish momentum. This resulted in the current downtrend. On the downside, the bulls are likely to defend the current support as it has not been broken.

Litecoin consolidates above $100 but risks a further downward move
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin is at level 47 of the Relative Strength Index for period 14. It is in the downtrend zone and below the centerline 50. The price bars are below the moving averages indicating a possible downward move. The altcoin is above 50% area of the daily stochastic. It indicates the market is in a bullish momentum but the momentum is unstable.

Conclusion
LTC/USD has been in a downward move but risks a further downward move . Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Litecoin will fall to level 1.272 Fibonacci extension or $84.88. From the price action, LTC’s price has been holding above the $100 support.

Litecoin consolidates above $100 but risks a further downward move
LTC/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.