Litecoin Declines as It Challenges the Resistance at $93

Key Highlights
Litecoin faces selling pressure at $93
Litecoin may decline to the $80 support.

Litecoin (LTC) Current Statistics
The current price: $87.09
Market Capitalization: $7,314,217,843
Trading Volume: $514,091,894
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis January 24, 2022
Litecoin (LTC) price is falling once more as it challenges the resistance at $93. The cryptocurrency’s price surpassed the $91 barrier on January 23 and climbed as high as $93. However, selling pressure developed on the LTC price. The cost of the cryptocurrency dropped to a low of $85. The cryptocurrency has been trading in a range between $80 and $93 since January 18. The altcoin may rise even higher still. If the positive momentum is maintained above the $91 high, the LTC price will increase to $101. On the other hand, Litecoin will continue selling pressure if the bears exceed $80. LTC will fall below $72 before breaking out.

Litecoin (LTC) Technical Indicators Reading
Litecoin is currently above the Relative Strength Index level of 66 and in the uptrend zone. The positive trend zone of the altcoin allows for additional higher movement. Additionally, it is above the daily Stochastic’s level 50 and within the bullish trend zone. Momentum in favor of the bulls has been shaky.


Conclusion
Litecoin is currently being rejected as it challenges the resistance at $93. The altcoin has moved back above the moving average lines. If the price drops below the moving average lines, the selling pressure can return.

You can purchase crypto coins here: Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results