Litecoin Is Falling as Bears Aim for the $66 Low

Key Highlights
LTC retraces and finds support above $70
LTC/USD risks decline above current support

Litecoin (LTC) Current Statistics
The current price: $70.03
Market Capitalization: $5,882,477,752
Trading Volume: $398,357,498
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis November 18, 2023
Litecoin (LTC) has dropped between the moving average lines as bears aim for the $66 low. Buyers have been unable to break through resistance at $76 since November 4. Several fruitless attempts were undertaken to break through the $76 resistance.

Price activity has demonstrated many lengthy candlesticks’ wicks at the latest high from November 4 to date. The wicks of the candlesticks at the latest high imply heavy selling pressure at the $76 resistance zone. At the time of writing, LTC/USD had plummeted to a low of $70.

On the downside, if the bears break through the $70 support, the altcoin will return to the old range at the bottom of the chart.

Litecoin (LTC) Technical Indicators Reading
The crypto asset has gone below the 21-day SMA but is still above the 50-day SMA. The moving average lines have trapped Litecoin. For the next few days, the altcoin is predicted to trade in a range. The market’s direction will be determined by either of the moving average lines.

Conclusion
Litecoin’s current price range is between $70 and $76 as bears aim for the $66 low. The current range was developed as a result of the bulls’ inability to overcome resistance at $76. The altcoin is trading above the lower level at $70.

Should the existing support hold, the move inside the range will proceed. The downtrend will resume if the bear breaches the current support.

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