Litecoin Holds above $100 Support as Buyers Emerge in the Oversold Region

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Key Highlights
LTC price falls to the oversold region of the market
LTC price will hold above $100

Litecoin (LTC) Current Statistics
The current price: $106.97
Market Capitalization: $9,037,312,203
Trading Volume: $909,929,086
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 22, 2022
Litecoin’s (LTC) price is in a downtrend as buyers emerge in the oversold region. The cryptocurrency has fallen to $102 low which is an oversold region of the market. That is, further downward movement of prices is unlikely. Buyers are expected to emerge in the oversold region of the market to push prices upward.

There are candlesticks with protruding long tails pointing toward the current support. These long candlestick tails indicate that the current support has strong buying pressure. Today, Litecoin is trading at $105 at the time of writing. Litecoin may resume an upward move.

Litecoin Holds above $100 Support as Buyers Emerge in the Oversold Region
LTC/USD – Daily Chart.

Litecoin (LTC) Technical Indicators Reading
LTC/USD price bars are below the moving averages indicating a possible downward move. Litecoin is at level 37 of the Relative Strength Index for period 14. The cryptocurrency is now in the downtrend zone and below the centerline 50. The altcoin is below 20% area of the daily stochastic. It indicates that Litecoin has reached the oversold region of the market. Buyers will emerge in the oversold region.

Conclusion
Litecoin is in a downtrend as buyers emerge in the oversold region. LTC’s price is consolidating above the $100 support. The altcoin is likely to hold above the current support. Meanwhile, on February 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Litecoin will fall to level 1.618 Fibonacci extension or $107.36 low. From the price action, Litecoin is fluctuating below the 1.618 Fibonacci extension.

Litecoin Holds above $100 Support as Buyers Emerge in the Oversold Region
LTC/USD – 4 Hour 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.