Litecoin (LTC) Resumes Uptrend, Struggles Below the $190 Overhead Resistance

Updated:

Key Highlights
LTC faces rejection at level $192
Litecoin may continue the range-bound move below the overhead resistance

Litecoin (LTC) Current Statistics
The current price: $186.50
Market Capitalization: $15,661,203,468
Trading Volume: $2,633,865,388
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis October 19, 2021
Litecoin (LTC) has retraced to $188 after retesting the $188 overhead resistance level. On October 17, the cryptocurrency retraced to the support above the 50-day SMA and resumed upward. The altcoin has had similar price action since September 16. On September 16, buyers were repelled as the altcoin fell to the low of $140.40. Today, the cryptocurrency has resumed back to the bullish trend zone. There are bullish candlesticks above the 50-day SMA indicating a possible upward move. A breakout at the resistance will propel the altcoin to $220 high. The bullish momentum will extend to the high of $230.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 59 of the Relative Strength Index period 14. It indicates that the crypto is in the bullish trend zone and capable of a further upward move. The price bars are above the moving averages which suggest a further upward move of Litecoin. The altcoin is below 80% area of the daily stochastic. Litecoin has fallen to the oversold region. The Stochastic bands are sloping upward indicating the uptrend.

Conclusion
On the 4 –hour chart, Litecoin is in a downward move as it faces rejection at $192 resistance. The altcoin is retracing to the support above the 21-day SMA. Meanwhile, on October 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the crypto will fall to level 1.272 Fibonacci extension level or level $192.49.

LTC/USD – 4 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.