Litecoin (LTC) Slumps, Unable to Push Above the Resistance Line

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Key Highlights
Litecoin drops to $134 low after failing to break above the resistance line
The crypto may lose $120 support if buyers fail to break the resistance line

Litecoin (LTC) Current Statistics
The current price: $138.52
Market Capitalization: $11,635,672,150
Trading Volume: $6,174,947,435
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 2, 2021
Litecoin has continued to make a downward move as the crypto reaches the low of $134. In the previous price action, Litecoin has been making a series of lower highs and lower lows. The downtrend would have been interrupted if the bulls have broken the resistance line. On the downside, if the coin falls and breaks below the $120 support, LTC will be faced with deeper correction as the coin will decline to $55 low. On the upside, the bulls have to break the resistance line to overcome the current downtrend.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The bears have broken below the SMAs as bulls attempt to push LTC upward. The coin will resume upward if the crypto’s price rises above the SMAs. In the bullish trend zone, the coin has the chance of rising. Litecoin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

Conclusion
Litecoin has been falling consistently as bears approach the low of $120. The Fibonacci tool analysis will hold if the bears break the $120 support. On January 11 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the crypto will reach level 2.0 Fibonacci extensions or the low of $38.47.


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

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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.