Litecoin Is in a Downward Correction, May Revisit Previous Low at $166

Azeez Mustapha
31 August 2021 | Updated: 31 August 2021

Key Highlights
LTC/USD is in a downward correction between $163 and $190
Litecoin is trading at $170 high

Litcoin ( LTC) Current Statistics
The current price: $171.02
Market Capitalization: $14,418,302,165
Trading Volume: $2,274,197,774
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis August 31, 2021
Litecoin’s (LTC) price is in a sideways trend below the $190 resistance level. For the past weeks, Litecoin has been fluctuating between levels $163 and $190. Today, the altcoin is resuming upward after falling to the lower price range. The market is rising to retest the overhead resistance at $190. LTC/USD will resume an uptrend if the resistance at $190 is breached. If buyers are successful, the altcoin will reach $240 high. On the other, if the bears break below the lower price range at $163. Litecoin will further decline to $152 low .

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The altcoin is below the 40% range of the daily stochastic. The 21-day and the 50-day SMAs are sloping upward indicating the uptrend.

LTC/USD – 4 Hour Chart

Conclusion
Today, Litecoin was making upward correction before it was repelled at $175. LTC price is declining and may find support above the lower price range. In previous price action, buyers defended the current support.

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Azeez Mustapha

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.