Litecoin (LTC) Makes Positive Moves, Attempts to Revisit $175 Resistance Level

Litecoin (LTC) Makes Positive Moves, Attempts to Revisit $175 Resistance Level

Key Highlights
Litecoin reaches the high of $174 but was resisted
The alt-coin plunges to $164 low

Litecoin (LTC) Current Statistics
The current price: $168.35
Market Capitalization: $14,105,166,061
Trading Volume: $9,936,084,311
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 9, 2021
On February 8, Litecoin rebounded above $151 support and rallied above the $160 resistance. The bullish momentum reached the high of $175 and was resisted. LTC would have reached the high of $200 if the bulls clear the minor resistance at $175. Consequently, LTC is retracing to the downside. It is likely the selling pressure will subside at the low of $164. The market will resume upward if the $164 support holds. Today, LTC has resumed upward move and it is trading at $167 at the time of writing.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating an uptrend. The price bars have continued to remain above the SMAs which indicate the upward movement of the coin. Litecoin has risen to level 62 of the Relative Strength Index period 14. It indicates that the altcoin is in the uptrend zone and approaching the overbought region.

LTC/USD – 30 Mins chart

Conclusion
Litecoin is in a downward move. The downtrend has reached bearish exhaustion. On February 9 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the crypto will reach level 2.618 Fibonacci extensions or the low of $162.98.



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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.