Litecoin (LTC) In a Sideways Trend, Resumes Selling Pressure

Azeez Mustapha



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Key Highlights
Litecoin is failing to revisit the previous low
Litecoin is still in a downward correction

Litcoin ( LTC) Current Statistics
The current price: $157.43
Market Capitalization: $13,212,310,475
Trading Volume: $3,047,137,394
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis June 8, 2021
Litecoin is in a downward move. After its recovery from the $118 low, buyers push the altcoin to $200 high. The bulls could not sustain the bullish momentum above the resistance. On June 4, the bulls were rejected as the altcoin resumes a downward move. The coin is falling and may reach the previous low at $132.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The crypto is at level 37 of the Relative Strength Index period 14. It indicates that LTC is approaching the oversold region and the coin is capable of falling on the downside. The 21-day SMA and the 50-day SMA are sloping southward indicating a downtrend. The crypto has fallen into the oversold region of the market. LTC is below the 20% range of the daily stochastic. The implication is that buyers are likely to emerge to push prices upward.

LTC/USD – 4 Hour Chart

Litecoin’s has been in a downward move. LTC price has broken below the moving averages as the altcoin falls. On May 28 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that Litecoin will fall to level 1.618 Fibonacci extensions or level $138.69.

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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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