Litecoin (LTC) Consolidates Above $45 Support, Faces Further Selling Pressure

Key Highlights
Litecoin risks a further downward move if the $45 support cracks
The crypto is expected to reach the previous low of $39 or $41

Litecoin (LTC) Current Statistics
The current price: $62.07
Market Capitalization: $4,056,414,692
Trading Volume: $2,551,618,695
Major supply zones: $70, $80, $90
Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis September 8, 2020
Following the bearish impulse on September 3, Litecoin plunged to $44 low and resumed consolidation above the $45 support. This current support has been holding for the past five days as the coin fluctuates between $45 and $53. On the downside, if the bears break below the current support, LTC will further decline to $41 or $39 low.

The $41 and $39 support has been the bottom price since March. Nevertheless, the altcoin has another chance of an upward move if the coin rebounds sharply above $45 support, if price rallies above $59 high, the upside momentum will resume. Today, price is consolidating above $45 support.

Litecoin (LTC) Technical Indicators Reading
The crypto has fallen below the 20% range of the daily stochastic. This indicates that the coin has reached the oversold region of the market. The market is reaching bearish exhaustion. Buyers are likely to emerge to take control of price.

Conclusion
Today, the coin is still fluctuating between $45 and $53. According to the price action, LTC may likely break below $45 low. After the last bearish impulse on September 4, the retraced candle body tested the 78.6 % Fibonacci retracement level. The implication is that the coin will fall to the 1.272 Fibonacci extension level or $39 low. Thereafter the price will reverse and return to the 78.6 % Fibonacci retracement level where it originated.


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