Litecoin Falls as It Confronts Rejection at the $76 High

Key Highlights

Litecoin hits the overhead resistance at $76
The altcoin risks decline to $60 low

Litecoin (LTC) Current Statistics

The current price: $69.53
Market Capitalization: $5,215,827,664.01
Trading Volume: $352,570,585.50
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis October 23, 2024

The price of Litecoin (LTC) has been declining since it was rejected on October 20 at the $76 high. In the previous price action, Litecoin rallied to $76 on October 19. On the upside, buyers failed to sustain the bullish momentum above the overhead resistance at $76. This is the third time, the crypto asset will be facing stiff rejection at the recent high.

On the downside, the crypto price is falling toward the moving average lines. Litecoin will decline and revisit the critical support at $60 if the bear’s breach is below the moving average lines. The cryptocurrency will begin its range-bound rise between $60 and $76. However, the altcoin will begin its bullish ascent if it falls and finds support above the moving average lines. The LTC/USD conversion rate is $69 at the time of publication.

Litecoin (LTC) Technical Indicators Reading

LTC’s price is still above the moving average lines after its decline. The altcoin will increase if it retraces and finds support above the moving average lines. In prior price movement, the altcoin has fallen below the moving averages. The moving average lines were horizontal since the price levels varied from $60 to $76.

What Is the Next Move for Litecoin

The 4-hour chart shows Litecoin in decline as it confronts rejection at the $76 high. The cryptocurrency price has gone below the moving average lines, reaching a low of $69.11. However, the slide is projected to continue until the next support at $64. Litecoin will revert if it eventually falls above the critical support of $60. Meanwhile, the crypto signal remains unfavorable as the altcoin continues to drop.

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