Litecoin Is in a Sideways Trend, Faces Rejection at $116 High

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Key Highlights
LTC price recovers from a downtrend
Litecoin fluctuates between $104 and $116 price levels

Litecoin (LTC) Current Statistics
The current price: $114.48
Market Capitalization: $9,598,578,428
Trading Volume: $824,932,792
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 1, 2022
Litecoin’s (LTC) price is in a downward correction as it faces rejection at $116 high. Yesterday, buyers made attempt to push the altcoin to the previous highs but were repelled at the $116 price level. This indicates that Litecoin will be fluctuating between $104 and $116 price levels. From the price action, the market is dominated by small body indecisive candlesticks called Doji and Spinning tops. These candlesticks are responsible for the current range-bound move. On the upside, if buyers break above $116 resistance, the market will rise to $140 high.

Litecoin Is in a Sideways Trend, Faces Rejection at $116 High
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The cryptocurrency is at level 35 of the Relative Strength Index for period 14. It indicates that Litecoin is still in the downtrend zone and below the centerline 50. Also, the cryptocurrency is trading above the 80% area of the daily stochastic. It indicates that the market is likely to decline as prices reach the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.

Conclusion
Litecoin is still in a range-bound move between $100 and $116 price levels but faces rejection at $116 high. Today, the LTC price is falling after retesting the resistance level. This will be the second time, it is facing rejection at the recent high. The uptrend will resume once the resistance level is breached.

Litecoin Is in a Sideways Trend, Faces Rejection at $116 High
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.