Litecoin (LTC) Declines as Bears Resume Selling Pressure

Key Highlights
LTC/USD reaches the high of $189
Litecoin holds above $176 support

Litcoin ( LTC) Current Statistics
The current price: $176.79
Market Capitalization: $14,815,638,224
Trading Volume: $2,177,902,237
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis August 17, 2021
Litecoin’s (LTC) price drops sharply soon after the altcoin attains a new high of $189. The downtrend has reached the low of $176 and a further downward move is expected. The current selling pressure was caused by an overbought condition of the market. The emergence of sellers in the overbought region has pushed prices downward. If the current support at $176 holds, the uptrend will resume. On the upside, buyers have an uphill task as they need to break the $184 and $189 resistance levels. A break above these resistance levels will catapult the altcoin to rally above $220. The altcoin has fallen and found support above $176. There are bullish candlesticks above the current support. The uptrend will resume if the current support holds.

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to level 64 of the Relative Strength Index period 14. Litecoin is in the uptrend zone and capable of resuming upward move. Also, the altcoin has fallen below the 20% range of the daily stochastic. It indicates that Litecoin is now in the oversold region. We should expect the emergence of buyers in the oversold region to push prices upward. The 21-day and the 50-day SMAs are sloping downward indicating the downtrend


Conclusion
Litecoin’s downtrend has reached bearish exhaustion. LTC price has fallen to the oversold region. Meanwhile, on the August 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extensions or level $174.35. From the price action, LTC price will retesting level 1.618 Fibonacci extensions before resuming upward.

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