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

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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 Is Stuck Below $55 High as Risks Further Decline
LTC/USD – Daily Chart

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.

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