Litecoin (LTC) Reaches the Oversold Region, Uptrend Likely

13 October 2021 | Updated: 13 October 2021

Key Highlights
LTC resumes downward correction
Litecoin declines, may reach the previous low at $164

Litecoin (LTC) Current Statistics
The current price: $170.05
Market Capitalization: $14,302,410,670
Trading Volume: $2,656,506,834
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis October 12, 2021
Litecoin’s (LTC) has resumed a downward move after buyers fail to break above the $180 resistance. Since October 6, buyers have been struggling below $180 resistance to breaking above it. However, the bulls were overwhelmed as the altcoin resumed its downward move. The altcoin has retraced to the low of $169. The uptrend will resume if price finds support above $169 or above the 21-day SMA. On the other hand, if price breaks below 21-day SMA, the selling pressure will resume on the downside.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The crypto‘s price is falling as it breaks below the 50-day line SMA. However, if it breaks below the 21-day line SMA, the selling pressure will resume. The altcoin is below 20% area of the daily stochastic. Litecoin has fallen to the oversold region. The implication is that selling pressure has reached bearish exhaustion. Buyers may emerge.

Conclusion
On the 4 –hour chart, Litecoin has fallen to the oversold region. It indicates that the downtrend is coming to an end. From the price action, the LTC price has retested the $166 support and pulled back. Meanwhile, on October 11 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the crypto will fall to level 2.618 Fibonacci extension level or level $164.64.

LTC/USD – 1 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.