Litecoin Is in a Tight Range as It Consolidates Above $60

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Key Highlights
LTC price consolidates above $60
LTC/USD in a downtrend

Litecoin (LTC) Current Statistics
The current price: $64.18
Market Capitalization: $5,390,804,159
Trading Volume: $520,973,797
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis June 7, 2022
Litecoin’s (LTC) price is in a downward correction as it consolidates above $60. The upward move is restricted by the 21-day line SMA. LTC’s price is now consolidating above the $60 support. The implication is that the coin will encounter a breakdown or a breakout. On May 30, the bulls were repelled at the 21-day line SMA. Litecoin retraced and found support above $60. Further upward move is doubtful. On the downside, if the bears break below the $60 support, the market will decline to the low of $52 or $54.

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 41 of the Relative Strength Index for period 14. Litecoin is capable of falling if the bears break below the $60 support. The crypto’s price bars are below the moving averages indicating a possible fall. Litecoin is above the 40% area of the daily stochastic. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

Conclusion
Litecoin has fallen below the moving average as it consolidates above $60. The upward move is hindered by the 21-day line SMA. 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 $50.09.

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