Litecoin (LTC) Struggles Below $200 High, May Face Rejection

Updated:

Key Highlights
LTC price is stuck below $200
Litecoin may reach the high of $210 and reverse

Litecoin (LTC) Current Statistics
The current price: $202.76
Market Capitalization: $17,038,767,890
Trading Volume: $2,211,689,034
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis November 3, 2021
Litecoin’s (LTC) price is above the moving averages but struggles to break above the $200 resistance zone. In the first uptrend on October 20, buyers push the altcoin to the high of $210. LTC price was resisted at the $210 high. At the initial fall, the altcoin dropped to $187 and corrected upward. The upward correction terminated at $204 which resulted in a further decline to $171 low. Today, the market has corrected upward. If the bulls clear the resistance levels of $200 and $210, the market will rally to the previous high of $230. LTC/USD is trading at $201 at the time of writing.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC price bars are still above the moving averages which indicate further upsides. Litecoin is at level 58 of the Relative Strength Index period 14. The market is in the bullish trend zone and capable of further upsides. The altcoin is above 80% area of the daily stochastic. The market has reached the overbought region. Sellers are likely to emerge in the overbought region.

Conclusion
On the 4 –hour chart, Litecoin is in an upward move. On November 2, the market reached the high of $205 but was repelled. The altcoin fell to $198 low and resumed upward. Meanwhile, on November 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the crypto will rise but reverse at level 1.272 Fibonacci extension level or $210.02.

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.