Litecoin (LTC) Faces Rejection at $196, Selling Pressure May Resume

Litecoin (LTC) Faces Rejection at $196, Selling Pressure May Resume

Key Highlights
Litecoin faces rejection at the $196 high
The selling pressure is likely to resume on the downside

Litecoin (LTC) Current Statistics
The current price: $191.52
Market Capitalization: $191.52
Trading Volume: $3,350,073,388
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 30, 2021
Litecoin price is falling after retesting the $196 resistance. The crypto is falling because the market has reached the overbought region. There is a likelihood of price falling to revisit the previous low at $170. In the previous price action, buyers pushed LTC to the high of $194. Consequently, LTC slumped to $170 low. The bulls bought the dips to push LTC to retest the recent high. However, if price retraces and finds support above $190, the uptrend will resume. Otherwise, the downtrend will continue to the previous low.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
On the daily chart, the crypto’s price is below the moving averages. This suggests that LTC is capable of declining on the downside. Nonetheless, LTC is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is likely to retrace because of the rejection at $196. Meanwhile, on March 23 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the crypto will fall to level 2.0 Fibonacci extensions or the low of $164.59.

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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.