Litecoin (LTC) Declines on the Downside, May Revisit Previous Low at $119

Litecoin (LTC) Declines on the Downside, May Revisit Previous Low at $119

Key Highlights
Litecoin battles the resistance at level $150
The selling pressure is likely to increase if the price breaks below the previous low at $118

Litcoin ( LTC) Current Statistics
The current price: $137.67
Market Capitalization: $11,542,499,224
Trading Volume: $1,412,570,156
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis July 6, 2021
After June 22, the altcoin fell to $118 low as bulls bought the dips. LTC price corrected upward to a high of $149. Buyers could not sustain the bullish momentum above the $150 overhead resistance. Buyers were repelled twice at the recent high as the altcoin resumed selling pressure. Meanwhile, on May 29 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level $73.86. From the price action, the downtrend has resumed as LTC price faces rejection from the 21-day SMA.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 45 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50.LTC/USD price is facing rejection at the resistance line of the descending channel. If price breaks and closes above the resistance line, the uptrend will continue to rise. Litecoin is above the 40% range of the daily stochastic. It indicates that the market has resumed bullish momentum but this is contrary to the price action.

LTC/USD – 4 Hour Chart

Conclusion
The altcoin has resumed its downward move after rejection from the recent high. Meanwhile, on July 5 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 $119.04

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.