Litecoin (LTC) Falls at the $147 High, Fails to Break the Resistance Line

Litecoin (LTC) Falls at the $147 High, Fails to Break the Resistance Line

Key Highlights
Litecoin is in a downtrend and may slide to $96 low
The crypto is making a series of lower highs and lower lows

Litecoin (LTC) Current Statistics
The current price: $131.09
Market Capitalization: $11,011,847,219
Trading Volume: $5,738,514,349
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis January 27, 2021
Litecoin resumed a downward move after testing the high of $147. Since January 10, the coin has been making series of higher highs and higher lows. On the upside, the bulls have failed to break the resistance line. Each attempt the coin attempts the resistance line, it will make a lower low. LTC is unlikely to make a fresh uptrend. On the other hand, selling pressure is likely to continue as the coin faces rejection at $147. The downtrend may extend to the low of $112.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The bulls fail to break the resistance line; therefore, the uptrend is unlikely. The selling pressure will persist as bears attempt to break below the 50-day SMA. The coin is at level 45 of the Relative Strength Index. It indicates that the coin is in the downtrend zone.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is in a downward move as bulls fail to break the downtrend line. On January 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the crypto will reach level 1.618 Fibonacci extensions or the low of $96.10.


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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.