Litecoin Falls as It Approaches the Overbought Region of $84

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Key Highlights
LTC rallies to the high of $84
Litecoin trades in the overbought region

Litecoin (LTC) Current Statistics
The current price: $80.43
Market Capitalization: $6,757,082,136
Trading Volume: $533,346,594
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis January 10, 2022
The price of Litecoin (LTC) is currently in an uptrend, but it is waning as it approaches the overbought region of $84. Bullish exhaustion has been reached in the uptrend. Despite entering an overbought territory, the altcoin’s bullish momentum has not persisted above the $80 high. Litecoin surged and became stuck at its peak price of $84. If the cryptocurrency price breaks through the $80 resistance level, Litecoin will have reached a high of $91.52. Despite today’s decline, the altcoin is still bouncing below the resistance level. The price of Litecoin will experience a downside decline if it falls beneath the moving average lines. At the time of writing, Litecoin had climbed as high as $80.43.

Litecoin Falls as It Approaches the Overbought Region of $84
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
For period 14, Litecoin’s Relative Strength Index rose to 69. The cryptocurrency’s price has entered the overbought region of the market. The fact that the price bars are higher than the moving average lines suggests that the price of the cryptocurrency will increase. The daily Stochastic for Litecoin is above 80. The market for the altcoin is currently overbought.


Conclusion
Litecoin’s price has stopped above the $80 resistance level as it approaches the overbought region of $84.As the market approaches the overbought area of the market, the current uptrend may begin to wane. If buyers enter the overbought portion of the market, Litecoin will decline.

Litecoin Falls as It Approaches the Overbought Region of $84
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.