Litecoin (LTC) Is in a Downward Move as the Altcoin May Find Support Above $340

11 May 2021 | Updated: 11 May 2021

Key Highlights
Litecoin is in a downward move, approaching the $350 low
It has a target price of $320 low

Litcoin ( LTC) Current Statistics
The current price: $359.37
Market Capitalization: $30,202,613,550
Trading Volume: $11,037,650,926
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 11, 2021
Litecoin has been in a downward move since May 10, after its rejection from the $420 resistance zone. The altcoin has declined to $350 low. As the market retraces, it may find support above the $340 low. The $340 low was the previous resistance level that was earlier broken. The market will find support above that level. Nevertheless, a Doji candlestick has appeared above the current support. The candlesticks describe the indecision between buyers and sellers about the direction of the market.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The crypto’s price is far above the moving averages which indicate a possible rise of the coin. The altcoin is at level 65 of the Relative Strength Index period 14. This implies that the crypto is in an uptrend zone and may resume an upward move.

LTC/USD – 4 Hour Chart

Conclusion
On the 4–hour chart, Litecoin is in a downward move after the rejection at the recent high. On the 4 hour chart, the altcoin is likely to further decline. On May 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.618 Fibonacci extension or the low of level $317.30

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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.