Litecoin (LTC) Retests $140 Historical Price Level, May Resume Upward

Updated:

Key Highlights
LTC price consolidates above $140
Litecoin targets the high of $240

Litecoin (LTC) Current Statistics
The current price: $150.07
Market Capitalization: $12,604,931,840
Trading Volume: $1,140,759,567
Major supply zones: $200, $220, $240n the
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis December 14, 2021
Litecoin’s (LTC) price is in a downtrend. The cryptocurrency is now retesting the September 28 historical price level of $142. Today, the bullish candlestick is indicating an upward movement of the altcoin. In previous price action in September, the market rebounded above the current support to reach the previous high of $280. Nevertheless, if Litecoin rebounds above $148 support, the bullish momentum will break the initial resistance at $165 and rally to $200. A break above the $200 will propel the cryptocurrency out of downward correction.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 36 of the Relative Strength Index for period 14. The altcoin is in the downtrend trend zone and below the centerline 50. The crypto’s price is below the moving averages indicating the downtrend. Litecoin is above the 25% range of the daily stochastic. The stochastic bands are sloping horizontally above the 25% area of the daily stochastic.

Conclusion
Litecoin’s price is now consolidating above the $140 price level. The uptrend will resume if the altcoin rebounds above the current support. Meanwhile, on November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LTC price will fall to level 1.272 Fibonacci extensions or $153.76.

LTC/USD – Daily 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.