Litecoin Holds above $94 as Bulls Battle Resistance at $102

Updated:

Key Highlights
LTC price reaches $94 low
LTC/USD has resumed a sideways move

Litecoin (LTC) Current Statistics
The current price: $100.15
Market Capitalization: $8,408,059,322
Trading Volume: $558,152,764
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 3, 2022
Litecoin’s (LTC) price is in a downward correction as bulls battle resistance at $102. On April 26, the bears broke below the $102 support as the market declines to $96 support. The market  declined to $94 as the upward correction was resisted at the $102 high. The $102 support is now a resistance level which was the previous price level. Litecoin is facing rejection at the recent high. Nonetheless, if the bulls break above the $102 resistance, the LTC price will rally above the moving averages. The bullish momentum will extend to the high of $130. Conversely, if the bulls fail to break above the $102 high, Litecoin is likely to further decline to another low of $91 or $85 price level. In the meantime, LTC/USD is fluctuating between the $94 and $102 price levels.

Litecoin Holds above $94 as Bulls Battle Resistance at $102
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The cryptocurrency is at level 42 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone and it is capable of falling to the downside. Litecoin is below the 20% area of the daily stochastic. LTC price is fluctuating below and above the 20% range of the daily stochastic. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend.

Conclusion
Litecoin is fluctuating above the $94 support as bulls battle resistance at $102. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LTC will fall to level 1.618 Fibonacci extension or $85.63.

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.