Litecoin (LTC) Faces Rejection, May Commence Uptrend Above $172 Low

Key Highlights
LTC/USD declines to $174 low
Litecoin targets $220 high

Litcoin ( LTC) Current Statistics
The current price: $175.48
Market Capitalization:$14,739,779,282
Trading Volume:  $1,959,261,376
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis August 24, 2021
Today, Litecoin’s (LTC) price has fallen to the low of $175 at the time of writing. There is a likelihood of further downsides. The altcoin is failing as bulls fail to break above the $189 resistance level. The current downtrend may extend to the $164 low. The selling pressure may hold above the $164 low which will signal the upward move. Otherwise, a break below $164 support will further push the coin to $149 low. Meanwhile, the LTC price is attempting to hold above the $175 low. On the August 16 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LTC will rise to level 1.618 Fibonacci extension or level $220.99.

Litecoin (LTC) Technical Indicators Reading
On the daily chart, LTC/USD price is above the 21-day and the 50-day SMAs which indicate that the uptrend is ongoing. A break below the SMAs will mean a downward movement of prices. The crypto is at level 56 of the Relative Strength Index period 14. It indicates that the market is in an uptrend zone and above the centerline 50.

Conclusion
Litecoin is currently retracing but the market direction is presently bullish. LTC/USD is likely to retest the low of $169 or $164 and resume an upward move. On the daily chart, the altcoin may find support above the 21-day SMA.

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