Litecoin (LTC) Slumps to $130 Support, May Resume Downtrend


Key Highlights
Litecoin faces rejection at the $150 high
The altcoin is likely to further decline

Litcoin ( LTC) Current Statistics
The current price: $132.44
Market Capitalization: $11,126,088,271
Trading Volume: $1,442,872,449
Major supply zones: $400, $420, $440
Major demand zones: $200, $180, $160

Litecoin (LTC) Price Analysis July 13, 2021
Litecoin (LTC) is consolidating above the $130 support. Buyers have earlier retested the $150 resistance twice to break the price level. The bulls could not sustain the bullish momentum above the $150 high. LTC price is likely to fall as it consolidates above the current support. Meanwhile, on May 29 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level $67.47. From the price action, the downtrend has resumed as LTC price faces rejection from the 21-day SMA.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 41 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. If price breaks and closes above the resistance line, the uptrend will continue to rise. Litecoin is above the 25% range of the daily stochastic. It indicates that the market has resumed bullish momentum but this is contrary to the price action.

LTC/USD – 4 Hour Chart

Litecoin is falling as price breaks below the moving averages. Meanwhile, on July 5 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.0 Fibonacci extensions or level $117.11

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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.