Litecoin (LTC) Reaches Bearish Exhaustion, May Find Support Above $197

Litecoin (LTC) Reaches Bearish Exhaustion, May Find Support Above $197

Key Highlights
Litecoin has fallen $191 low and pulled back
Litecoin tests historical price level of March 10

Litecoin (LTC) Current Statistics
The current price: $198.16
Market Capitalization: $16,637,070,354
Trading Volume: $6,583,608,342
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 16, 2021
Litecoin has been in a downward move soon after its rejection from the $230 high. Today, the price has fallen to the low of $191 and pulled back. The altcoin has fallen to the previous support levels of March 10, 2021. LTC will resume an uptrend once the $192 support holds. However, if the bears break the current support level, the downtrend will resume. A decline to $168 is likely.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to the oversold region of the market. LTC is below the 20% range of the daily stochastic. The implication is that buyers are likely to emerge in the oversold region. The crypto’s price is above the SMAs which indicates a possible rise in price. However, if price breaks below the support line of the ascending channel, LTC will decline.

LTC/USD – 4 Hour Chart

Conclusion
Litecoin’s present downtrend has reached bearish exhaustion. On March 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the crypto will fall to level 1.618 Fibonacci extensions or the low of $200.49. The price action has confirmed the present low. LTC is consolidating above the $197 support for a possible upward move.


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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.