Litecoin Is in a Sideways Move but Unable to sustain above $73 High

Key Highlights
LTC price battles the resistance $73
LTC/USD fluctuates between $64 and $73

Litecoin (LTC) Current Statistics
The current price: $71.15
Market Capitalization: $5,981,734,948
Trading Volume: $769,175,388
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 17, 2022
Litecoin’s (LTC) price is in a downtrend but unable to sustain above $73 High. Litecoin fell to the low of $57 but pulled above $64 support. Since May 12, the LTC price has been consolidating above the $64 support. Buyers have failed to push LTC prices to the previous highs. The bulls could not break the resistance at $73 as the altcoin resumed a sideways move below the resistance level. On the upside, if the bulls had broken the resistance at $73, Litecoin would have rallied to $100 high. On the downside, the bulls have been defending the current support. On May 12, the candlestick has a protruding tail. This indicates that the current support has strong buying pressure.

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 36 of the Relative Strength Index for period 14. The crypto is in the downtrend zone but the altcoin is correcting upward. It is above the 25% area of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend.


Conclusion
Litecoin is trading in a tight range as it fluctuates between $63 and $73 price levels but unable to sustain above $73 High. Today, the LTC price is falling after retesting the resistance zone. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LTC will fall to level 1.272 Fibonacci extension or $40.14.

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