Litecoin (LTC) Upward Move Stalls at the $175 Resistance,May Resume Uptrend


Key Highlights
Litecoin is facing rejection at the $175 overhead resistance
The altcoin targets the $200 high

Litecoin (LTC) Current Statistics
The current price: $169.41
Market Capitalization: $14,235,876,250
Trading Volume: $2,756,422,622
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis October 5, 2021
Since September 29, Litecoin’s (LTC) has been trending as price breaks above the 21-day SMA. The uptrend is stalled between the two moving averages. The market is likely to trend if price breaks the moving averages. For instance, a break above the 50-day SMA will compel the altcoin to rally to $200. Similarly, if the bears break below the 21-day SMA, the altcoin will resume downward correction. In the meantime, Litecoin is fluctuating below the $175 resistance. Since October 2, the bulls are finding penetration difficult at the recent high.

Litecoin (LTC) Upward Move Stalls at the $175 Resistance May Resume Uptrend
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 53 of the Relative Strength Index period 14. The altcoin is still in the uptrend zone and may resume an upward move. If price breaks the current resistance or the bullish momentum is sustain above the 50-day SMA, it will signal the resumption of the uptrend. The altcoin is above 78% area of the daily stochastic. It indicates that the altcoin is in a bullish momentum.

Litecoin (LTC) Upward Move Stalls at the $175 Resistance May Resume Uptrend
LTC/USD – 4 Hour Chart

On the 4 –hour chart, Litecoin has resumed an uptrend but the upward move is facing resistance. The uptrend will continue when the resistance is breached. Meanwhile, on October 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This gives the impression that the crypto will rise to level 1.618 Fibonacci extension level or level $191.63.

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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.