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.
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.
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