Litecoin (LTC) Reaches the Oversold Region, Holds Above $126 Support

Key Highlights
LTC price retests $126 support
Litecoin reaches the oversold region

Litecoin (LTC) Current Statistics
The current price: $131.48
Market Capitalization: $11,044,176,016
Trading Volume: $827,199,880
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis January 11, 2022
Litecoin’s (LTC) price has fallen to the low of $120 as it holds above $126 support. The cryptocurrency is trading at $131 at press time. On December 4 price slump, Litecoin fell to $126 low but made an upward correction. The upward correction was terminated at the high of $165. This caused the crypto to resume selling pressure. Today, the bears are retesting the current support to break below it. The crypto will resume up trending if the current support holds. On the other hand, LTC/USD will decline to $104 if the current support is breached.

Litecoin (LTC) Technical Indicators Reading
The crypto is at level 32 of the Relative Strength Index period 14. Litecoin is now in the oversold region of the market. The selling pressure has reached bearish exhaustion. LTC price bars are below the moving averages. The upward move will resume when prices are above the moving averages. Litecoin is also below the 20% area of the daily stochastic


Conclusion
LTC/USD is in a downward move and has reached the oversold region of the market as it holds above $126 support.. Meanwhile, on December 16, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Litecoin will fall but reverse at level 1.272 Fibonacci extension or $117.96.

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