Litecoin Drops as It Struggles to Overcome the $66 High

Key Highlights
LTC price is consolidating above the $61 support
Litecoin faces further selling pressure at $66

Litecoin (LTC) Current Statistics
The current price: $65.41
Market Capitalization: $5,495,205,864
Trading Volume: $390,354,756
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis December 21, 2022
Litecoin (LTC) is in a decline below the moving average lines as it struggles to overcome the $66 high. On December 19, the value of the cryptocurrency asset dropped to a low of $61. After that, Litecoin made a correction to the upward direction, which was rejected at the $66 high. LTC/USD will be forced to move in a range between the moving average lines because the upward movement is stalled at $66 and the altcoin is holding above $61. For the past three days, the price of LTC has been ranging between $60 and $66. The altcoin will drop to its previous low of $47 if the price drops below the $60 support level. On the other hand, Litecoin will increase if it surpasses the initial resistance level of $66. The previous record high of $78 will be re-visited. It is currently trading in a constrained range between $60 and $66.

Litecoin (LTC) Technical Indicators Reading
For period 14, LTC is trading at level 39 of the Relative Strength Index. Since the price bars are below the moving average lines, the altcoin will continue to fall in value. Litecoin is currently trading above the daily Stochastic’s level of 80. The coin is currently overbought. In the overbought area, sellers will appear to drive prices down.

Conclusion
LTC/USD is moving sideways above the support level of $61 as it struggles to overcome the $66 high. The coin is trading in an overbought area of the market, which has been rebuffing the upward moves. If sellers show up in the overbought area of the market, selling pressure for Litecoin will increase once more.

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