Litecoin (LTC) Loses $118 Support, a Fresh Selling Pressure Likely

Key Highlights
Litecoin price breaks the previous low at $118
The altcoin has resumed a fresh downtrend

Litcoin ( LTC) Current Statistics
The current price: $120.01
Market Capitalization:  $10,120,049,284
Trading Volume: $3,723,978,156
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis June 22, 2021
Litecoin’s (LTC) price fell to $107 low and resumed upward. Today, the LTC price is correcting upward to retest the $118 price level. If the downtrend resumes after retesting it, it implies that the selling pressure will resume. On May 23, the bulls bought the dips at the $118 price level as LTC rallied to $200. The upward move was terminated at $200. Litecoin fell and resumed a range-bound move between levels $145 and $200. Since June 18, the bears have broken the lower price range and have resumed the downtrend.

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 29 of the Relative Strength Index period 14. It indicates that LTC is in the oversold region of the market. This also implies that the selling pressure will subside. Litecoin is below the 20% range of the daily stochastic. It indicates that the altcoin has reached the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping southward indicating a downtrend.

Conclusion
The crypto has resumed a fresh uptrend after breaking below the previous level at $118. On May 19 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extensions or level $47.95.

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