Litecoin Declines to $120 Support as the Altcoin Rebounds

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Key Highlights
LTC price is in a bearish momentum
LTC/USD trades in the bullish trend zone

Litecoin (LTC) Current Statistics
The current price: $120.31
Market Capitalization: $10,105,874,814
Trading Volume: $815,136,857
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis April 5, 2022
Litecoin’s (LTC) price has been in a downward move as the altcoin rebounds. The bears have broken below the 21-day line moving average because of the rejection at the recent high. The implication is that the LTC price will be in a sideways move for a few more days. Litecoin has fallen above the $120 support as bulls bought the dips. On the downside, if the bears break the $120 support, the altcoin will decline to the $101 low. The downward correction will resume. Nonetheless, if the $120 support holds, the uptrend will resume again. The bulls will attempt to retest the $130 and $140 resistance levels. A break above these resistance levels will catapult the altcoin to reach the high of $160.

LTCUSDDaily Chart April 5.png
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. Litecoin is below 40% area of the daily stochastic. It indicates that the market is in bearish momentum but the selling pressure has subsided.

Conclusion
Litecoin has fallen above the $120 support as the altcoin rebounds. The uptrend will resume when the current support holds. Meanwhile, on March 30 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that LTC will rise to level 1.618 Fibonacci extension or level $155.92.

Litecoin Declines to $120 Support as the Altcoin Rebounds
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.