Litecoin (LTC) Is in a Sharp Decline, May Find Support Above $180

Azeez Mustapha
23 February 2021 | Updated: 23 February 2021

Key Highlights
Litecoin is in a sharp decline, may reach the low of $180
Litecoin reaches bearish exhaustion

Litecoin (LTC) Current Statistics
The current price: $1,588.73
Market Capitalization: $181,735,755,212
Trading Volume: $44,733,702,218
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 23, 2021
Since February 20, Litecoin has been falling after its rejection from the $240 high. The bulls were attempting to break the previous price level before encountering a bearish consequence. LTC has fallen and it is approaching the low of $180. The bottom line is that if price falls and finds support above $180, the market may resume upward. However, if the price breaks the $180 support, LTC will further decline to $150 and $170.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The crypto’s price is attempting to break the support line of the ascending channel. The downtrend will resume if the support line is breached.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin is in a downward move. The Fibonacci tool has indicated a downward movement of the coin. Meanwhile, on February 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the crypto will decline to level 1.618 Fibonacci extensions or the low of $137.22.


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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.