Litecoin (LTC) Revisits Previous Low as Buyers Regroup Above $140 Support

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Key Highlights
LTC slumps to previous low at $142
Litecoin resumes fluctuation between $140 and $160

Litecoin (LTC) Current Statistics
The current price: $148.20
Market Capitalization: $12,445,775,671
Trading Volume: $1,095,304,686
Major supply zones: $200, $220, $240n the
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis December 28, 2021
Litecoin (LTC) price makes a fresh decline after hitting the high of $165 as buyers regroup above $140 support. The crypto’s price has broken below the moving averages indicating a further decline to the downside. Litecoin has fallen to the previous low at $142. The cryptocurrency is likely to resume fluctuation in the previous range bound zone of $140 and $160. The current support has been holding since September. The uptrend may resume if the current support holds. On the downside, if the bears break below the $140 support, the market will decline to the low of $126. The $126 support is the previous low of the December 4 price slump.

Litecoin (LTC) Revisits Previous Low as Buyers Regroup Above $140 Support
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 39 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and below the centerline 50. The altcoin is holding above crucial support which has been holding. The crypto’s price is now below the 21-day line moving average and the 50-day moving averages which indicate a downward move. Litecoin is above the 25% range of the daily stochastic. The market has resumed bullish momentum.


Conclusion
Litecoin is in a downward correction as buyers regroup above $140 support. . The altcoin will achieve upside momentum if it rebounds above the current support. Meanwhile, on November 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LTC price will fall to level 1.618 Fibonacci extensions or $143.35.

Litecoin (LTC) Revisits Previous Low as Buyers Regroup Above $140 Support
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.