Litecoin Makes an Upward Correction but Faces Rejection at $65

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Key Highlights
Litecoin trades in the bullish trend zones
The retraces and holds above $59

Litecoin (LTC) Current Statistics
The current price: $59.05
Market Capitalization: $4,958,563,978
Trading Volume: $452,305,319
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis August 4, 2022
Litecoin’s (LTC) price has retraced and found support above the moving average lines as it faces rejection at $65. On the downside, if the bears break below the moving average lines, the selling pressure will resume. The altcoin will decline and revisit its previous low of $41 and $47 price levels. In the meantime, the cryptocurrency is holding as it revisits its previous highs. On the upside, Litecoin will rise to the highs of $80 and $104 if the resistance at level $65 is breached. In the meantime, the LTC price is hovering above the moving average lines. It is trading at $58.82 at the time of writing.

Litecoin Makes an Upward Correction but Faces Rejection at $65
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The crypto is at level 53 of the Relative Strength for period 14. The altcoin is in the bullish trend zone and may further rise. LTC’s price is above the 50-day line SMA and the 21-day line SMA indicating a possible rise of the coin. The cryptocurrency is below 50% area of the daily stochastic. Litecoin is in a bearish momentum.


Conclusion
Litecoin is in a downward correction as it faces rejection at $65. The altcoin is resuming upward after declining to the low of $56.85. On July 30 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that LTC will fall to level 1.618 Fibonacci extension or $57.18.

Litecoin Makes an Upward Correction but Faces Rejection at $65
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.