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

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

Conclusion
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

You can purchase crypto coins here: Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.