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

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Azeez Mustapha

Updated:

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 aboveas It Challenges the Next Resistance at
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 aboveas It Challenges the Next Resistance at
LTC/USD – Daily Chart

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