Litecoin (LTC) Reaches Bearish Exhaustion, Fluctuates above $150 Support

Litecoin (LTC) Reaches Bearish Exhaustion, Fluctuates above $150 Support

Key Highlights
Litecoin falls to $118 low
Buyers are likely to emerge

Litcoin ( LTC) Current Statistics
The current price: $175.12
Market Capitalization: $14,527,707,154
Trading Volume: $5,523,308,458
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 25, 2021
Today, Litecoin drops to $118 low and resumes upward but the uptrend is facing resistance at the recent high. In the previous price action, the coin retested the $220 high and fell to $118 low. However, if the current support holds, Litecoin is likely to be range-bound between $120 and $200. On May 19 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that Litecoin is likely to fall to level 1.618 Fibonacci retracement level or level $48.68.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC price has fallen below the 20% range of the daily stochastic. It indicates that the coin has reached the oversold region of the market. The implication is that buyers are likely to emerge.
The 21-day and 50-day SMA are sloping horizontally.

LTC/USD -4 Hour Chart

Conclusion
On the 4–hour chart, Litecoin is still in a downward correction. The upward move is facing rejection as price finds support above the 21-day SMA. On May 19 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.272 Fibonacci extension or level $102.10.

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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.