Litecoin Falls to the Oversold Region as It Holds Above the $47 Low

Key Highlights
LTC has declined the $47 support
It altcoin may revisit the previous low of $41

Litecoin (LTC) Current Statistics
The current price: $48.38
Market Capitalization: $4,062,077,279
Trading Volume: $441,416,465
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis July 12, 2022
Litecoin’s (LTC) price is in a downtrend as it holds above the $47 low. On July 9, the bulls attempted to break above the 21-day line SMA but were repelled. Buyers could have pushed Litecoin to the high of $66. The bears sold at the high of $55. The 21-day line SMA has restrained a further upward movement of the cryptocurrency. On the downside, the bears are retesting the current support at $47. The market will decline to the previous low at $41 if the current support is breached. Nevertheless, if the current support holds, LTC/USD will be in a tight range-bound move between $47 and $55 price levels. In the meantime, Litecoin is trading at $48.24 at the time of writing.

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to level 40 of the Relative Strength Index for period 14. LTC price is in the downtrend zone and may further decline to $41 low. The crypto’s price is below the moving average lines which are responsible for the further downward movement of the cryptocurrency. Litecoin is below the 20% area of the daily stochastic. It indicates that the market is approaching the oversold region. The implication is that selling pressure is likely to reach bearish exhaustion. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend

Conclusion
Litecoin is falling after the rejection at the $55 high as it holds above the $47 low. Further upward movement of the cryptocurrency is doubtful. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that LTC will fall but reverse at level 1.272 Fibonacci extension or $38.20.

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