Litecoin Is in a Bullish Trend Zone but Battles the $96 High

Key Highlights
Litecoin halts at the high of $95
LTC/USD risks another decline

Litecoin (LTC) Current Statistics
Market Capitalization: $8,013,830,935
Trading Volume: $568,690,073
Major supply zones: $140, $160, $180
Major demand zones: $120, $100, $80

Litecoin (LTC) Price Analysis June 2, 2023
Litecoin (LTC) is increasing as it battles the $96 high in the positive trend zone. Purchasers have been unable to sustain a price increase beyond the overhead barrier of $100 since February 1. Near the overhead barrier of $100, the market is overbought. Litecoin would decrease each time the overhead resistance was tested. LTC is now selling for $95 at the time of writing. Upward momentum will remain bullish until it reaches a high of $103, albeit it could be rejected in the overbought region. However, if buyers fail to keep the bullish momentum above the $100 overhead resistance, Litecoin will retrace and start moving sideways below the barrier level.

Litecoin (LTC) Technical Indicators Reading
Recent price action has caused the price of LTC to rise to level 61 of the Relative Strength Index for Period 14. The coin is expected to hit its previous high of $103. A lateral trend is shown by the moving average lines’ horizontal inclination. Litecoin is rising as a result of the price bars being higher than the moving average lines. The price of Litecoin has risen above the daily Stochastic threshold of 80. It shows that the price of LTC has reached the overbought region of the market. Bullish fatigue will soon set in for the coin.

Conclusion
Litecoin is currently hitting its initial resistance as it battles the $96 high. The recent high has proved a barrier to the upswing since June 1. The price of the cryptocurrency fluctuates below the $96 barrier level. Once the resistance is broken, the coin will keep moving upward. Otherwise, the upward trend will come to a halt.

You can purchase crypto coins here: Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results