Litecoin Fluctuates above $52 as It Faces Rejection at $53

Key Highlights
Litecoin consolidates above the $52 support
LTC/USD turns down from 21-day line SMA


Litecoin (LTC) Current Statistics
The current price: $52.38
Market Capitalization: $4,398,135,048
Trading Volume: $532,134,958
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis September 20, 2022
Litecoin’s (LTC) price is in a downward move as it faces rejection at $53. Since September 18, the LTC price has been fluctuating above the $52 support. On September 20, the altcoin rebounded but was repelled by the 21-day line SMA. Today, the upward move is facing rejection at the $53 resistance. Litecoin will further decline if price breaks below the current support at the $52 price level. However, if the current support holds and Litecoin rebounds, the coin will rally above the moving average lines. The bullish momentum will extend to the $64 overhead resistance.

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 40 of the Relative Strength for period 14. The crypto is in the bearish trend zone and may further decline. LTC’s price bars are below the moving average lines indicating a possible downward move. The crypto is above 50% area of the daily stochastic. Litecoin is in a bullish momentum. The bullish momentum has subsided.


Conclusion
On the 4-hour hour chart, Litecoin is in a downward move as it faces rejection at $53. The upward correction is facing rejection at the 21-day line SMA. This indicates further decline. Meanwhile, on September 16 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. LTC will fall to level 2.0 Fibonacci extension or $48.75.

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