Litecoin (LTC) Is in a Downward Correction, Struggles to Sustain Above $64 High

Litecoin (LTC) Is in a Downward Correction, Struggles to Sustain Above $64 High

Key Highlights
Litecoin is in a downtrend after rejection at the $64 high
The coin retraces and holds above $58 high

Litecoin (LTC) Current Statistics
The current price: $57.98 
Market Capitalization: $3,818,051,035
Trading Volume: $2,616,337,730
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis November 10, 2020
For the past week, Litecoin has been falling after the rejection at $64. Buyers attempted to push the price to the previous highs after the rejection but were repelled at $62 high. Presently, LTC has fallen to a low of $58.

The price has been hovering above this level as the coin reaches bearish exhaustion. The crypto will resume an upward move if the coin holds above $51 support. There is a possibility of price retesting the $64 high. The downtrend will persist if the price breaks below the $51 support. The market will drop to as low as $47.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Despite the retracement, the price is above the SMAs which suggests an upward movement of the coin. The 50-day and 21-day SMA are sloping upward indicating the uptrend. The coin is at level 58 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone.

LTC/USD – Daily Chart

Conclusion
The bulls will continue to retest the $64 high as long as price is above the SMAs.On October 24 uptrend, LTC was resisted at $62 high. A retraced candle body tested the 61.8% Fibonacci Retracement level. This indicates that the market will rise to level 1.618 Fibonacci extensions or $69.70.


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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.