Litecoin (LTC) consolidates above $149 support, uptrend is likely

Updated:

Key Highlights
LTC price consolidates above $149 support
Litecoin may resume an uptrend

Litecoin (LTC) Current Statistics
The current price: $160.10
Market Capitalization: $13,537,491,004
Trading Volume: $1,603,396,160
Major supply zones: $200, $220, $240n the
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis December 7, 2021
Litecoin’s (LTC) price is in a downward correction as price makes a steady rise above the $149 support. The bulls have been defending the $149 support for the past three days. There has been no significant price movement as the crypto consolidates above the current support. On the upside, if the LTC price rebounds above the current support, the market will rise to retest or break above the $1.10 resistance. This will cause cryptocurrency will be out of downward correction. Litecoin will further rise above the $220 high. Meanwhile, LTC/USD is still fluctuating above the $149 support.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 34 of the Relative Strength Index for period 14. LTC price is in the bearish trend zone and capable of falling on the downside. Litecoin is above the 25% range of the daily stochastic. The market has resumed bullish momentum. Litecoin’s price bars are below the 21-day line and 50-day line moving averages, which indicate a possible fall of the coin.

Conclusion
Litecoin has been in a downward move but reaches bearish exhaustion. The altcoin is consolidating above $149 for a possible upward move. Meanwhile, on November 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LTC price will fall to level 1.272 Fibonacci extensions or $155.45.

LTC/USD – Daily 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.