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

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.

LTC/USD – Daily Chart

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.

LTC/USD – Daily Chart

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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Author : Azeez Mustapha

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