Litecoin (LTC) Fluctuates Below $170 High as Bulls Intend to Push Price Upward

Azeez Mustapha
10 August 2021 | Updated: 10 August 2021

Key Highlights
Litecoin rebounds above$148 support as it reaches the high of $170
The altcoin faces another rejection at the overbought region

Litcoin ( LTC) Current Statistics
The current price: $163.52
Market Capitalization: $13,720,746,228
Trading Volume: $2,758,580,544
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis August 10, 2021
Litecoin’s (LTC) price is fluctuating below the $170 high. The crypto’s price has earlier rallied to $170 high but could not break the resistance level. If buyers can overcome the resistance at $170, Ripple will rally to $180 but will face another rejection. A rally to $180 will attract sellers at the recent high which will push the altcoin downward. Meanwhile, the LTC price is retracing from the recent high. The retracement may be short-lived as further upsides are possible.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The daily stochastic has fallen from 98% to 80%. Today, it is above the 80% range of the daily stochastic. The altcoin is still trading in the overbought region. Litecoin is at level 66 of the Relative Strength Index period 14. The crypto is rising and approaching the overbought region at level 70. It is likely to rise upward. The crypto has a bullish crossover as the 21-day SMA crosses above the 50-day SMA.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is fluctuating below the $170 high. The Fibonacci tool has indicated a possible upward move of the coin but may face rejection. Meanwhile, on August 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise but reverse at level 1.272 Fibonacci extensions or level $179.49.

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Azeez Mustapha

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.