Litecoin (LTC) Hovers above $105.78 as Bears Attempt to Break below Previous Low

Azeez Mustapha

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Key Highlights
Litecoin bears attempt to break the previous low at $105.78
The altcoin is likely to further decline

Litcoin ( LTC) Current Statistics
The current price: $106.51
Market Capitalization: $8,943,118,528
Trading Volume: $1,473,910,378
Major supply zones: $400, $420, $440
Major demand zones: $180, $160, $140

Litecoin (LTC) Price Analysis July 20, 2021
Litecoin’s (LTC) price falls as bears break below the previous low at $105.78. This previous low has been holding since June 22 when the bulls bought the dips. If the bears break the previous low, the selling pressure is likely to be accelerated on the downside. However, a breakdown will hold, if price falls and pulls back to retest the previous price level.

Otherwise, the market will decline and revert above the previous support level. Meanwhile, on June 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level $63.93. From the price action, the bears are still struggling to break below the previous low.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The crypto has fallen to level 25 of the Relative Strength Index period 14. It indicates that LTC/USD has fallen to the oversold region of the market. The selling pressure will subside as buyers emerge in the oversold region. Litecoin is below the 20% range of the daily stochastic. The daily stochastic has confirmed that XRP has fallen to the oversold region of the market.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin’s downward move is likely to continue as price breaks below the current support. LTC price is fluctuating above the current support. Meanwhile, on July 9 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level $99.24.

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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.

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