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

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.

LTC/USD – Daily Chart

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.

LTC/USD – 4 Hour Chart

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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Author : Azeez Mustapha

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