Litecoin Drops Sharply as It Faces Stiff Rejection at $67

Updated:

Key Highlights
Litecoin is repelled at the $67 high
LTC/USD turns down from the moving average line

Litecoin (LTC) Current Statistics
The current price: $60.10
Market Capitalization: $5,049,199,339
Trading Volume: $756,830,765
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis September 13, 2022
Litecoin’s (LTC) price rallies to the resistance zone but faces stiff rejection at $67. The crypto’s upward moves are being repelled at the $62 and $64 resistance levels. On each rejection, the coin would decline above the $60 support. However, a break above the resistance levels will push the altcoin to the $71.53 high. On the downside, Litecoin will decline above the moving average lines if it faces rejection at the recent high. However, LTC/USD will further decline to the previous low at $52 if sellers break below the moving average lines. In the meantime, Litecoin is trading at $59.82 at the time of writing.

Litecoin Drops Sharply as It Faces Stiff Rejection at $67
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 56 of the Relative Strength index for period 14. The altcoin is in the uptrend zone and may further rise. LTC’s price bars are above the moving average lines indicating a possible upward move. The crypto is below 80% area of the daily stochastic. Litecoin is in a bearish momentum.

Conclusion
On a weekly chart, Litecoin is in a downtrend as it faces stiff rejection at $67. The crypto’s price is retesting the 21-day line SMA. The selling pressure will resume if the coin is repelled at the moving average line. On a weekly chart, a retraced candle body tested the 78% Fibonacci retracement level on March 21. The retracement indicates that LTC will fall but reverse at level 1.272 Fibonacci extension or $40.

Litecoin Drops Sharply as It Faces Stiff Rejection at $67
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.