Litecoin Holds above $51 as it Continues Its Sideways Move

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Key Highlights
Litecoin faces rejection at $64
Litecoin holds above $51

Litecoin (LTC) Current Statistics
The current price: $61.77
Market Capitalization: $5,188,896,644
Trading Volume: $340,821,483
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis August 12, 2022
Litecoin’s (LTC) price is in an upward correction as it continues its sideways move. The price action is characterized by indecisive candlesticks called Doji. The price movement has been slow because of Doji candlesticks dominance . On the upside, if the bulls breach the resistance at $64, Litecoin `will rise to $85 high. On the downside, if the bears break below the moving average lines the downtrend will resume. However, if the altcoin finds support above the moving average lines, the sideways move will resume. In the meantime, the LTC price is trading between $51 and $64 price levels.

Litecoin Holds above $51 as it Continues Its Sideways Move
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin is at level 55 of the Relative Strength for period 14. LTC price is in the uptrend zone and may further rise to the upside. LTC’s price bars are above the moving average lines indicating a possible upward move. The crypto is above 50% area of the daily stochastic. The bullish momentum is unstable as Litecoin fluctuates above the moving average lines.

Conclusion
Litecoin is making an upward correction as it continues its sideways move. The price movement has been slow because of the presence of Doji candlesticks. On the upside, the uptrend will resume if price rebounds and breaks the resistance at $64.

 Litecoin Holds above $51 as it Continues Its Sideways Move
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.