Litecoin (LTC) Breaks $138 High, Targets $160 Resistance

Litecoin (LTC) Breaks $138 High, Targets $160 Resistance

Key Highlights
Litecoin price breaks the previous high of $138
The altcoin trades in the overbought region

Litcoin ( LTC) Current Statistics
The current price: $147.96
Market Capitalization: $12,394,704,867
Trading Volume: $2,274,487,494
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis June 29, 2021
Litecoin’s (LTC) is in an upward correction as price reaches the high of $146. The uptrend is likely to face rejection at the recent high. LTC/USD is now trading in the overbought region of the market. Meanwhile, on May 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.272 Fibonacci extensions or level $72.09. From the price action, the market has reached a high of $145. There is a presence of bearish signals at the recent high.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has risen to level 44 of the Relative Strength Index period 14. It indicates that LTC is in the downtrend zone and below the centerline 50. The crypto is above the 80% range of the daily stochastic. It implies that Litecoin is in the overbought region of the market. Sellers are likely to emerge.

LTC/USD – 4 Hour Chart

Conclusion
On 4 hour chart, Litecoin is correcting upward. LTC price has broken the previous high but fails to retest the resistance before resuming upward. On June 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the LTC price will fall to level 1.272 Fibonacci extensions or level $85.06


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.