Litecoin Consolidates above $52 as It Is Set for a Rebound

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Key Highlights
Litecoin trades below the moving average lines
LTC/USD has reached bearish exhaustion

Litecoin (LTC) Current Statistics
The current price: $53.23
Market Capitalization: $4,471,059,998
Trading Volume: $423,962,884
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis September 28, 2022
Litecoin’s (LTC) consolidates above $52 as it is set for a rebound. Since July 25, the $52 support has been holding. Today, the LTC price is consolidating above the $52 support. On the downside, further selling pressure is unlikely as the altcoin reaches the oversold region. In previous price action, LTC price has been range bound between $52 and $64 price levels. On the upside, the upward moves have been restrained by the moving average lines. The cryptocurrency now trades in a tight range below the moving average lines. On the upside, a price rebound above the current support will catapult the LTC price above the moving average lines. The bullish momentum will extend to the high of $64 .

Litecoin Consolidates above $52 as It Is Set for a Rebound
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 45 of the Relative Strength for period 14. It is in the bearish trend zone as it consolidates above the current support. LTC’s price bars are below the moving average lines which indicates further decline. The crypto is above 25% area of the daily stochastic. Litecoin is in a bullish momentum.


Conclusion
On the 4-hour hour chart, Litecoin consolidates above $52 as it is set for a rebound. The cryptocurrency is now consolidating above the current support. Meanwhile, on September 16 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. LTC will fall to level 1.272 Fibonacci extension or $52.09,

Litecoin Consolidates above $52 as It Is Set for a Rebound
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.