Litecoin (LTC) Recovers Above $220 Support, Resumes Up Trending

Litecoin (LTC) Recovers Above $220 Support, Resumes Up Trending

Key Highlights
Litecoin falls and finds support above $220
The altcoin resumes an upward move as price reaches the overbought region


Litecoin (LTC) Current Statistics
The current price: $250.47
Market Capitalization: $21,022,256,372
Trading Volume: $4,521,614,241
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis April 27, 2021
Litecoin has been in a downward movement since April 17. The altcoin fell and found support above the 50-day SMA. In other words, the coin fell above $220 and resumed consolidation above it. LTC consolidated and corrected upward. The upward correction has reached the overbought region of the market. The market upward move is doubtful as price reaches the overbought region. Besides, the LTC price is facing rejection at the 21-day SMA.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 52 of the Relative Strength Index period 14. This implies that the crypto is in an uptrend zone and capable of rising on the upside. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. LTC has risen and it is above 80% range of the daily stochastic. The market has reached the overbought region. This may attract sellers to push prices down.

LTC/USD – 4 Hour Chart

Conclusion
On the 4 –hour chart, Litecoin is in a downward correction. The upward correction is facing rejection at the 21-day SMA. Meanwhile, if the price retraces and breaks below the $220 support level the selling pressure will resume. Meanwhile, on April 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.61 Fibonacci extension or the low of level $158.10

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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.