Litecoin (LTC) Retraces to $170 Low, May Resume a Fresh Uptrend

Litecoin (LTC) Retraces to $170 Low, May Resume a Fresh Uptrend

Key Highlights
Litecoin price makes a series of higher high and higher lows
The altcoin has a target price of $188

Litcoin ( LTC) Current Statistics
The current price: $174.05
Market Capitalization: $14,629,270,166
Trading Volume: $11,619,818,093
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis June 15, 2021
Litecoin has risen to the high of $181 and it is currently retracing on the downside. For the past four days, the altcoin price has been making a series of higher highs and higher lows. Presently, the coin is retracing from the recent high. The uptrend will resume if price finds support before the previous lows. However, the uptrend may be terminated if price breaks the previous low.

LTC/USD – Daily Chart

  Litecoin (LTC) Technical Indicators Reading
LTC price has broken above the 21-day SMA and the resistance line of the descending channel. The uptrend will continue if the price closes above these levels. Litecoin is at level 44 of the Relative Strength Index period 14. It indicates that LTC is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping southward indicating a downtrend. Litecoin is above the 80% range of the daily stochastic. It indicates that the altcoin has reached the overbought region of the market. Litecoin is falling because of the overbought condition of the market.

LTC/USD – 4 Hour Chart

Conclusion
The altcoin is in an upward move. Litecoin is in an upward move. On June 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or level $188.057.

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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.