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

Updated:

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 Is in a Tight Range as It Consolidates Above $60
LTC/USD – Daily Chart

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.

Litecoin Is in a Tight Range as It Consolidates Above $60
LTC/USD – Daily 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.