Litecoin (LTC) Continues Consolidation Above $142, Uptrend Is Doubtful

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Key Highlights
LTC price resumes upward move
Litecoin trading at $155 at press time

Litecoin (LTC) Current Statistics
The current price: $155.50
Market Capitalization: $13,040,191,623
Trading Volume: $1,047,887,584
Major supply zones: $200, $220, $240n the
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis December 21, 2021
Litecoin’s (LTC) price is in a downward correction but an uptrend is doubtful. For over two weeks, the altcoin has been confined between $142 and $168 price levels. Buyers and sellers have failed to break the range-bound levels of cryptocurrency. For instance, if buyers breach the $168 high and the bullish momentum is sustained, the market will rally to $220. Conversely, if sellers break below the $142 support, the market will decline to $126 low.

Litecoin (LTC) Continues Consolidation above $142, Uptrend Is Doubtful
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is attempting to resume upward which has caused it to reach level 41 of the Relative Strength Index for period 14. Despite the marginal price movement, the altcoin is in the downtrend zone and below the centerline 50. Litecoin is above the 48% range of the daily stochastic. The market is in a bullish momentum. The upward move may face resistance at the recent high.

Conclusion
Litecoin’s bulls are initiating an upward move but an uptrend is doubtful. The bottom line is that the upward move dries up at higher price levels. Meanwhile, on November 28 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 $153.98.

Litecoin (LTC) Continues Consolidation above $142, Uptrend Is Doubtful
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.