Litecoin Declines as It Encounters Opposition at $115

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RESULTS

Key Highlights
Litecoin rallies to the high of $115
LTC/USD returns to the sideways move

Litecoin (LTC) Current Statistics
Market Capitalization: $8,134,240,304
Major supply zones: $140, $160, $180
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis July 9, 2023
Litecoin (LTC) price has retraced below the $100 breakthrough mark as it encounters opposition at $115 . The overhead barrier above $100 has not been broken in the preceding price action since February 1. On June 30, however, the altcoin recovered and broke over the overhead barrier to reach a high of $115.

The rise, however brief, will continue if it stays above the moving average lines. Litecoin is now selling at $97.30 at the time of writing. On the downside, if the altcoin retraces and holds above the moving average lines, the uptrend will restart. LTC price will rise and retest the overhead resistance at $100.

The bearish momentum will carry on to the $82 low if the price drops below the moving average lines.

Litecoin (LTC) Technical Indicators Reading
Litecoin has retraced to Relative Strength Index period 14 level 53. Following its recent dip, the altcoin is now in a bullish trend zone. As long as the price bars remain above the moving average lines, Litecoin may advance. The bullish momentum has stalled above the daily Stochastic threshold of 70.

Conclusion
LTC/USD has found support above the moving average lines as it encounters opposition at $115 . The crypto asset has resumed its sideways trend that began in February. The altcoin is advancing to retest the $100 overhead resistance.

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