Litecoin (LTC) Is Trading in a Confined Range, Uptrend Likely

Key Highlights
Litecoin is in a downward correction
Litecoin has a target price of $239

Litcoin ( LTC) Current Statistics
The current price: $184.07
Market Capitalization: $15,489,921,660
Trading Volume: $3,075,108,252
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis June 1, 2021
Following the bearish impulse on May 23, the altcoin fell to $118 low as bulls bought the dips. Buyers managed to push LTC to the $200 high. The uptrend could not be sustained above $200 resistance because of the selling pressure at the recent high. Today, Litecoin is falling on the downside. The downtrend is expected to reach a low of $170. Meanwhile, Litecoin is fluctuating between $160 and $200. LTC is falling and if price breaks below $160 support, the market will decline to the previous low at $118. Conversely, if buyers overcome the resistance at $200, the crypto will rally to $240 high. In the interim, LTC is in a downward move and may reach the current support.

Litecoin (LTC) Technical Indicators Reading
The crypto is at level 40 of the Relative Strength Index period 14. It indicates that the market is in a downtrend zone and capable of falling on the downside.LTC/USD is below the 80% range of the daily stochastic. It indicates that the market is likely to fall. The moving averages are sloping southward indicating the downtrend.

Conclusion
Litecoin’s uptrend has been terminated as the altcoin resumes a sideways move below the $200 resistance. On the 4 Hour Chart, Litecoin is in an upward move but the uptrend is facing rejection at the recent high. On May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that Litecoin will rise to level 1.618 Fibonacci extensions or level $239.27.



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