Litecoin Faces a Drop as It Struggles below $82

Azeez Mustapha


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Key Highlights
 LTC is in a narrow range below the $84 resistance
Litecoin is now in a horizontal trend
 Litecoin (LTC) Current Statistics
The current price: $81.12
 Market Capitalization: $6,814,632,417
Trading Volume: $200,878,857
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

   Litecoin (LTC) Price Analysis May 12, 2024
Litecoin’s (LTC) price is trading below the moving average lines but within a restricted range as it struggles below $82. Previously, purchasers made many fruitless attempts to reestablish the bullish trend. Bulls continued to experience selling pressure at the 21-day SMA. On the upside, Litecoin will resume its upward trend once the moving average lines are broken.

On the downside, the cryptocurrency price has remained below the moving average, signaling a potential collapse. On May 1, LTC/USD fell to a low of $74 as bulls purchased dips.

The altcoin’s upward correction was short-lived as it met resistance from the 21-day SMA at $83. Furthermore, the altcoin’s price range, which is limited to $73 to $83, is narrow. There will be a breakout or collapse for the altcoin.

Litecoin Faces a Drop as It Struggles below $82
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC prices are dominated by Doji candlesticks that appear below the moving average lines. The altcoin is stabilizing and oscillating below the 21-day SMA, which represents a barrier line. Doji candlesticks have slowed the price movement. 

Litecoin is now trading in a range as it struggles below $82. The creation of Doji candlesticks influenced the upward movement of prices. The crypto signal is ranging, with the altcoin trading barely above the $80 support. 

 Litecoin Faces a Drop as It Struggles below $82
LTC/USD – 4 Hour 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.

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