Litecoin Is Stuck Below $55 High as It Risks Further Decline

Service for copy trading. Our Algo automatically opens and closes trades.

The L2T Algo provides highly profitable signals with minimal risk.

24/7 cryptocurrency trading. While you sleep, we trade.

10 minute setup with substantial advantages. The manual is provided with the purchase.

79% Success rate. Our outcomes will excite you.

Up to 70 trades per month. There are more than 5 pairs available.

Monthly subscriptions begin at £58.

L2T Algo

TELEGRAM

RESULTS

Key Highlights
Litecoin struggles below $55
LTC/USD may further decline

Litecoin (LTC) Current Statistics
The current price: $53.33
Market Capitalization: $4,479,424,526
Trading Volume: $250,221,962
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis October 8, 2022
Litecoin’s (LTC) price is stuck below $55 as risks further decline.The altcoin is in a downtrend as buyers battle the obstacle at the $55 price level. Since September 23, buyers could not penetrate the resistance at $55. Each time, the resistance level is retested; the cryptocurrency would decline to the $50 support. On October 4, Litecoin retested the resistance level and it was repelled. The altcoin has fallen below the moving average lines. It is attempting to resume an upward move but the 21-day line SMA is providing resistance at the recent high. The downtrend will resume if the LTC price turns down from the moving average lines.

Litecoin (LTC) Technical Indicators Reading
The crypto is trading in the bearish trend zone at level 47 of the Relative Strength for period 14. It indicates that the LTC price will further decline if it fails to break the resistance at $55. The possibility of a decline is likely if price bars remain below the moving average lines. Presently, the coin is in a bullish momentum above the 70% range of the daily stochastic. The moving average lines are sloping up as the altcoin makes an upward correction.

Conclusion
Litecoin risks further decline if buyers fail to breach the resistance at $55. On the 4-hour chart, the LTC price has broken below the moving average lines. In the meantime, the crypto’s price is approaching the overbought region of the market. This suggests a possible decline of Litecoin. On October 5 downtrend; LTC price corrected upward, and a candle body tested the 50% Fibonacci retracement level. The corrections suggest that LTC will fall to level 2.0 Fibonacci extension or $51.25.

You can purchase crypto coins here. Buy LBLOCK



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results