Litecoin Falls below Its Recent High as It Begins Its Range-Bound Move

Key Highlights
Litecoin falls below the $100 resistance barrier
LTC/USD is now trading in a bearish trend.

Litecoin (LTC) Current Statistics
Market Capitalization: $7,855,575,949
Major supply zones: $140, $160, $180
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis July 16, 2023
The price of Litecoin (LTC) is falling below the moving average lines as it begins its range-bound move. The coin is trading below the 21-day simple moving average but above the 50-day simple moving average. The cryptocurrency is falling as it faces rejection at a high of $115.

Buyers were unable to maintain the positive momentum above the $115 high. LTC is now trading at $93.84 at the time of writing. If the bears break below the moving average lines, selling pressure will resume and the altcoin will fall to a low of $80.

Similarly, if the crypto’s price is locked between the moving average lines, a sideways motion will restart.

Litecoin (LTC) Technical Indicators Reading
Litecoin is at Relative Strength Index period 14 level 50. It has achieved the price level at which supply and demand have been balanced. The cryptocurrency’s price is currently between the moving average lines, indicating a likely range-bound move.

The altcoin is in a bearish trend below the daily Stochastic threshold of 30.

Conclusion
LTC/USD is in decline below the moving average lines as it begins its range-bound move. The crypto assets fluctuate because it is trapped between the moving average lines. The altcoin will regain bullish momentum if the price breaks above the 21-day SMA. LTC price will revisit the previous high of $115.

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