Litecoin Is Stuck in a Range, Finds Support above $140 Low

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Key Highlights
LTC price faces rejection at $152
Litecoin retraces and finds support above $140

Litecoin (LTC) Current Statistics
The current price: $140.14
Market Capitalization: $11,771,917,958
Trading Volume: $1,443,976,148
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis January 18, 2022
Litecoin’s (LTC) price is in a range-bound move but finds support above $140 Low. The crypto’s price breaks above the 21-day line moving average but below the 50-day line moving average. Litecoin is stuck in between the moving averages. The cryptocurrency will resume trending when the moving average lines are breached. However, if price breaks above the 50-day line moving average, Litecoin will commence an upward move. On the other hand, if price breaks below the 21-day line moving average, the downtrend will resume. Meanwhile, on January 17 uptrend, the altcoin rallied to $152 but was resisted. LTC price declined to the support above the 21-day line moving average or the $140 low.

Litecoin Is Stuck in a Range, Finds Support above $140 Low
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The price bars are between the moving averages indicating a possible range bound move. The crypto is at level 47 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and below the centerline 50. . The altcoin is below the 50% area of the daily stochastic. It indicates that the market is in a bearish momentum.


Conclusion
LTC/USD is likely to resume an upward move as price finds support above $140 Low. The altcoin has found support above the $140 low. The uptrend is likely to resume if the current support holds. On January 13, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Litecoin will rise to level 1.618 Fibonacci extension or $154.70. From the price action, the LTC price reached the high of $152 and reversed.

Litecoin Is Stuck in a Range, Finds Support above $140 Low
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.