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

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

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.

LTC/USD -Daily Chart

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.

LTC/USD – 4 Hour Chart

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.