Litecoin (LTC) Consolidates Above $200, May Resume Upward Move

Key Highlights
Litecoin rallied to a high of $230
The uptrend is intact as price finds support above the SMAs

Litecoin (LTC) Current Statistics
The current price: $213.23
Market Capitalization: $17,884,480,266
Trading Volume: $12,804,148,208
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 16, 2021
Presently, buyers are attempting to break above the $220 resistance but find penetration difficult at the recent high. The price is fluctuating between the minor resistance and the 21-day SMA. The current upward move was a result of the breakdown of yesterday. On February 14, LTC/USD rallied to $230 high but the uptrend was interrupted. Litecoin reached the overbought region of the market as it faced rejection. The market dropped to $185 and resumed upward. The uptrend will commence if the bulls break the $220 and $230 resistances.

Litecoin (LTC) Technical Indicators Reading
Litecoin has risen to level 69 of the Relative Strength Index period 14. The crypto has reached the overbought region. A further upward rally is doubtful. LTC is already above the 80% range of the daily stochastic. It is indicating that the coin is in the overbought region. Sellers may emerge.

Conclusion
Litecoin has commenced an upward move but it is facing resistance at the recent high. Meanwhile, on February 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the crypto will reach level 1.272 Fibonacci extensions or the high of $258.22.


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