Litecoin Is in a Minor Retracement, Battles the Resistance at $132

Updated:

Key Highlights
LTC price is stuck at $132
LTC/USD resumes a fresh uptrend

Litecoin (LTC) Current Statistics
The current price: $127.75
Market Capitalization: $10,731,021,025
Trading Volume: $837,003,310
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 29, 2022
Litecoin’s (LTC) price is trading above the moving averages as it battles the resistance at $132. The uptrend is stuck at the $130 price level as it fluctuates below the $130 high. Buyers are pushing the coin to breach the $140 resistance level. On February 9 uptrend, LTC /USD reached the high of $141 but buyers could not sustain the bullish momentum above the resistance level. The cryptocurrency declined to the low above $102 support on February 21. Today, LTC /USD is retracing as it faces rejection at the $130 price level. The uptrend will resume if price retraces above the moving averages. However, Litecoin will resume downward correction if the bears break below the moving averages.

Litecoin Is in a Minor Retracement, Battles the Resistance at $132
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The cryptocurrency has risen to level 65 on the Relative Strength Index for period 14. The coin is in the bullish zone and capable of a further upward move. Litecoin is above the 50% range of the daily stochastic. It indicates that the market has resumed bullish momentum. The altcoin will rise as long as the price bars are above the moving averages.


Conclusion
On the 3- hour chart, Litecoin is making an upward move as it battles the resistance at $132. The uptrend is stuck below the $132 price level. The altcoin is retracing as it faces rejection at the recent high. Meanwhile, on March 29 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that LTC will fall to level 2.0 Fibonacci extension or level $122.45.

Litecoin Is in a Minor Retracement, Battles the Resistance at $132
LTC/USD – 4 Hour 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.