Litecoin (LTC) Declines as It Faces Rejection at the $149 Overhead Resistance

Azeez Mustapha

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Key Highlights
LTC price in a downward move as it faces rejection
The altcoin has resumed selling pressure

Litcoin ( LTC) Current Statistics
The current price: $137.97
Market Capitalization: $11,589,367,564
Trading Volume: $1,370,555,270
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis August 3, 2021
Litecoin’s (LTC) price is falling as the crypto faces rejection at $149.51 high. The uptrend could not be sustained as the crypto plunged below the $146 support. Presently, the LTC price has broken below the moving averages which suggests further downsides are expected. If the selling pressure resumes, Litecoin will decline to the lows of either $126 or $119. On the daily chart, the LTC price is above the 50-day SMA. The crypto will resume upward if the 50-day SMA support holds. A break below the moving averages will mean the resumption of the downtrend.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin has fallen below the 20% range of the daily stochastic. It indicates that the crypto is in a bearish momentum. LTC/USD is at level 53 of the Relative Strength Index period 14. It indicates that the altcoin is in the bullish trend zone. The price bars are below the 21-day and the 50-day in the lower time frame.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is in a downward move. The Fibonacci tool has indicated a further downward movement of the coin. Meanwhile, on August 1 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.0 Fibonacci extensions or level $126.41.


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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.

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