Litecoin Is Range-bound But Remains Above The $62 Low

Key Highlights
Litecoin is in a horizontal trend
LTC price is consolidating above the $62 support

Litecoin (LTC) Current Statistics
The current price: $62.60
Market Capitalization: $5,248,224,758
Trading Volume: $251,037,921
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis September 6, 2023
Litecoin (LTC) price is gradually declining but remains above the $62 low. The cryptocurrency is consolidating in a small range between $62 and $64 in a horizontal trend. Moving average lines have stopped the upward movement. Price movement has also been restrained by small body indecisive candlesticks known as Doji.

The altcoin is neither increasing nor decreasing, remaining stable above the $62 support level. The altcoin is currently trading in the market’s oversold zone. Litecoin will cross the moving average lines if the $64 resistance level is broken. The bullish momentum will continue until the price reaches $80.

If the bears breach the $62 support, the market would fall lower to the prior low of $53.

Litecoin (LTC) Technical Indicators Reading
Litecoin has dropped to the Relative Strength Index period 14 level 32. The market is reaching the oversold territory. The price is below the moving average lines as it faces rejection at the current high. The bearish momentum has stalled below the daily Stochastic level of 20.

It signifies that the market has already reached an oversold condition.

Conclusion
In the shorter time frame, Litecoin is oversold but remains above the $62 low. The altcoin is trading at a low level, much below the moving average lines. LTC is stabilizing above the $62.00 support level. Doji candlesticks indicate that the move may remain range-bound.

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