Litecoin Fluctuates Between $52 and $58 as Risks Decline to $0.40

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Key Highlights
Litecoin declines to $52
Litecoin reaches an oversold region

Litecoin (LTC) Current Statistics
The current price: $54.66
Market Capitalization: $4,598,676,227
Trading Volume: $496,005,633
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis August 25, 2022
Litecoin’s (LTC) price is in a downtrend as risks decline to $0.40. The cryptocurrency has been trading between $52 and $58 price levels. Today, the LTC price is rising to retest or break the resistance at $58. For instance, if buyers push the price above the $58 high, Litecoin will regain bullish momentum. The altcoin will rally above the moving average lines. LTC/USD will rise and revisit the $64 overhead resistance. On the other hand, if the Sellers break below the $52 support, the downtrend will resume. The market will further decline to the lows of $44 and $49 price levels. Today, Litecoin is trading at $54 at the time of writing.

Litecoin Fluctuates Between $52 and $58 as Risks Decline to $0.40
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin is at level 45 of the Relative Strength for period 14. It indicates the altcoin is trading in the bearish trend zone and may fall. XRP price bars are below the moving average lines which indicates a further decline. The crypto is above 40% area of the daily stochastic. Litecoin is in a bullish momentum.


Conclusion
Litecoin is in a downtrend as risks decline to $0.40. On the downside, if the sellers breach the $52 support, the Fibonacci tool analysis will hold. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 21. The retracement suggests that the LTC price will fall but reverse at level 1.272 Fibonacci extension level or $0.40.

Litecoin Fluctuates Between $52 and $58 as Risks Decline to $0.40
LTC/USD – Weekly 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.