Litecoin Holds above $60 as It Challenges the Next Resistance at $72

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Key Highlights
LTC price faces rejection at $72
Litecoin continues to hold above $60

Litecoin (LTC) Current Statistics
The current price: $68.10
Market Capitalization: $5,721,431,108
Trading Volume: $320,333,820
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis December 30, 2022
Litecoin (LTC) price breaks below the moving average lines as it challenges the next resistance at $72. The moving average lines or the barrier at $72 present poses a challenge for the Litecoin asset. Since December 19, Litecoin has been trading above the $60 support level. The price of the altcoin, which has been successfully protected by buyers, has been ranging between $60 and $72. Litecoin will return to the $80 level if buyers succeed in breaking the $72 resistance. The $72 barrier level is where the market is overbought. The barrier was broken on November 23, when the market soared to a high of $80. At the $72 high, buyers are unable to make a breakthrough. If sellers breach the $60 support, selling pressure will increase once more on the downside. The virtual money will decline to a low of $47.

Litecoin Holds above $60 as It Challenges the Next Resistance at $72
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is correcting upward at level 44 of the Relative Strength Index for period 14. LTC’s price is down-trending and could continue to do so. The price bars are below the moving average lines, which implies a potential decline. With its price rising, Litecoin has surpassed the daily Stochastic’s level 50.

Conclusion
Litecoin is correcting upward as it challenges the next resistance at $72. If it is rejected at the moving average lines, the decline will resume. LTC price corrected upward during the downward trend on December 19 and a candle body tested the 78.6% Fibonacci retracement line. According to the correction, Litecoin will drop but turn around at the level of the 1.272 Fibonacci extension.

Litecoin Holds above $60 as It Challenges the Next Resistance at $72
LTC/USD – Daily 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.