Litecoin (LTC) Consolidates above $127 Support, Resumes an Uptrend

Azeez Mustapha
27 July 2021 | Updated: 27 July 2021

Key Highlights
LTC price rallied to $140 high
The altcoin is in a downward correction

Litcoin ( LTC) Current Statistics
The current price: $133.31
Market Capitalization: $12,430,898,839
Trading Volume: $1,809,526,275
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis July 27, 2021
Today, Litecoin’s (LTC) price is rising on the upside to revisit the previous low of $140. In the first uptrend of July 26, the LTC price rallied to $140. At the recent high sellers were attracted as the crypto plunged to $127 support. A fresh uptrend is initiated by buyers as the altcoin revisits the previous highs. Litecoin will rise to the next resistance at $180 if the $140 price level is breached. On the other hand, if Litecoin faces rejection at the $140 high, the market is likely to decline to the low of $107. In the meantime, LTC/USD is rising to revisit the previous high.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC/USD is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The price bars are below the 21-day and the 50-day SMAs which suggest that LTC price is capable of falling on the downsides. The moving averages are sloping downward indicating the downtrend.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin has resumed its upward move. LTC price is rising after consolidating above the $127 support. Meanwhile, on July 26 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.618 Fibonacci extensions or level $165.97.


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Azeez Mustapha

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.