Litecoin (LTC) Fluctuates Between $155 and $180, May Reverse at Level $150

Litecoin (LTC) Fluctuates Between $155 and $180, May Reverse at Level $150

Key Highlights
Since February 23, Litecoin has been in a range-bound move above $155
Litecoin may find support above $150 but will reverse

Litecoin (LTC) Current Statistics
The current price: $172.06
Market Capitalization: $14,458,822,606
Trading Volume: $4,704,125,991
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 2, 2021
Following the recent breakdown on February 23, the LTC price has been fluctuating between $155 and $205. Soon after the coin fell to its present low, the price corrected upward but the uptrend was repelled. The bears pushed the coin to the previous low. Presently, the cryptocurrency has been confined between the $155 and $180 price range. The coin will rise if the price breaks the $180 minor resistance level. A retest of the $240 overhead resistance is likely. Otherwise, the bears will break the $155 support.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
After the recent breakdown, the price fell and found support above the 50-day SMA. The market is likely to rise if the 50-day SMA holds. LTC is presently above 80% range of the daily stochastic. The price has reached the overbought region. LTC is facing rejection at the $180 high.

LTC/USD – 4 Hour Chart

Conclusion
For the past week, Litecoin has been in a sideways move after a recent breakdown to $155 low. However, the Fibonacci tool has indicated a further decline of the coin. On February 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the crypto will decline to level 1.272 Fibonacci extensions or the low of $150.57. However, the coin is likely to reverse after falling to this low.


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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.