Litecoin (LTC) Breaks Resistance at $232, Reaches Overbought Region

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Key Highlights
LTC price breaks resistance at $232
Litecoin reaches the overbought region

Litecoin (LTC) Current Statistics
The current price: $258.35
Market Capitalization: $21,616,832,730
Trading Volume: $6,448,327,055
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis November 9, 2021
Litecoin’s (LTC) price has made impressive moves as price breaks above the $232 resistance. Litecoin has continued the bullish run as it targets the next price level at $389. However, at the next target price level, the bulls are going to face stiff resistance. This is because the market will be in a serious overbought region. Sellers are likely to emerge to push prices down. Meanwhile, in the current uptrend buyers are likely to face resistance at the $340 price level.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The crypto has risen to level 74 of the Relative Strength Index period 14. LTC price has reached the overbought region. The altcoin has no room to rally on the upside. Similarly, it is above the 80% range of the daily stochastic. The price indicators have indicated a possible selling pressure on the downside.

Conclusion
Litecoin is in an uptrend after breaking the resistance at $232. On the weekly chart, the crypto is likely to further rise on the upside. Meanwhile, on September 6 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that LTC will rise to level 2.618 Fibonacci extensions or $437.85.

LTC/USD – Weekly 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.