Litecoin (LTC) Is Consolidating Above $150 Support, an Upward Move Likely

Key Highlights
Litecoin rallies to $173 high
The crypto retraces and consolidates above $150

Litecoin (LTC) Current Statistics
The current price: $155.53
Market Capitalization: $13,041,184,466
Trading Volume: $9,609,246,821
Major supply zones: $120, $140, $160
Major demand zones: $90, $70, $50

Litecoin (LTC) Price Analysis January 5, 2021
Litecoin has retraced from $173 to $150 support. The crypto is consolidating above the current support for a possible upward move. The previous uptrend was a breakout from the $140 resistance. For the past week, LTC has been fluctuating between $120 and $140 before the recent breakout. On the upside, if the bulls break the $170 resistance, the coin will rally above the $200 high. However, the coin will continue its consolidation above $150 support if the current resistance level remains unbroken.

Litecoin (LTC) Technical Indicators Reading
Litecoin is above the 80% range of the daily stochastic. It indicates that the coin is in a strong bullish momentum. Also, LTC is trading in the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

Conclusion
Litecoin is currently fluctuating above $150 support. On January 4 uptrend; a retraced candle body tested the 61.8%Fibonacci retracement level. The retracement indicates that the crypto will reach level 1.618 Fibonacci extensions or the high of $202.77.


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