Litecoin (LTC) Is In A Sharp Fall As It Threatens To Fall Further

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Key Highlights
Litecoin encounters a sharp drop to $248.66 low
The altcoin may experience a further downward move

Litecoin (LTC) Current Statistics
The current price: $253.92
Market Capitalization: $21,274,943,555
Trading Volume: $9,316,655,303
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis April 20, 2021
Litecoin reached a high of $335.35 but could not push on the upside. At the recent high, the altcoin encountered a sharp fall. The crypto fell to $246.50 low and corrected upward. The upward correction was short-lived as price was repelled at the $280 resistance. This rejection means that Litecoin will further decline on the downside.

Litecoin (LTC) Technical Indicators Reading
The crypto is at level 51 of the Relative Strength Index period 14. This implies that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend. Presently, LTC is in a bearish momentum and below 40% range of the daily stochastic.

Conclusion
On the 4 –hour chart, Litecoin is in a downward move after the rejection from the recent high. Meanwhile, on April 11 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.0 Fibonacci extension or the low of level $118.23.

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