Litecoin (LTC) Consolidates Above $217 Support, May Resume up Trending

6 April 2021 | Updated: 6 April 2021

Key Highlights
Litecoin rallies to $228 high and pulled back
The altcoin finds support above the previous low at $216

Litecoin (LTC) Current Statistics
The current price: $222.90
Market Capitalization: $18,773,442,271
Trading Volume:  $5,252,957,139
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis April 6, 2021
Litecoin has continued to make positive moves on the upside. LTC price broke the previous high of $216 to reach a high of $228. Unfortunately, the market has declined to the previous low above $216. On April 3 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of level $248.34.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC has risen to level 61 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and capable of rising on the upside. The 21-day SMA and 50-day SMA are sloping upward indicating an uptrend. The crypto’s price is above the moving averages which indicates that the market will rise.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is in an upward move. On the 4-hour chart, the LTC price was retracing and later resumed a sideways trend. The market is consolidating above the $217 support level. On April 3 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This implies the LTC will rise to level 2.618 Fibonacci extension or level $267.26

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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.