Litecoin (LTC) Declines, Finds Support Above $234

16 November 2021 | Updated: 16 November 2021

Key Highlights
LTC price slumps to $220 low
Litecoin reaches the oversold region

Litecoin (LTC) Current Statistics
The current price: $233.55
Market Capitalization: $19,606,441,903
Trading Volume: $4,066,241,240
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis November 16, 2021
Since November 10, Litecoin’s (LTC) price has been in a downward move. LTC price fell to the support above the 21-day line moving average. In previous price action, the altcoin rallied to a high of $295 and then pulled back above $260 support. LTC price dropped sharply to $221 low as bulls faced rejection at the $280 high. The crypto is now fluctuating above the 21-day line moving average. Also, LTC/USD is trading above the $236 support which is the historical price level of September 5. The crypto will resume an upward move if the current support holds. Besides, the altcoin is trading above the moving averages which will propel the upward movement of prices.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Ltecin has risen to level 53 of the Relative Strength Index period 14. LTC price is in the uptrend zone and capable of an upward move. Also, it is above the 25% range of the daily stochastic. litecoin is in a bullish momentum. The crypto’s price are above the moving averages.

Conclusion
Litecoin has been in a downward move. The cryptocurrency has fallen into the oversold region, buyers are expected in the oversold region. Meanwhile, on November 11 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that LTC will fall to level 2.0 Fibonacci extensions or $207.78.

LTC/USD – 4 Hour 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.