Litecoin Makes an Upward Move but Risks a Decline to $45 Low

Key Highlights
LTC price is in a downtrend as it plunges to $47
Litecoin may further decline

Litecoin (LTC) Current Statistics
The current price: $54.15
Market Capitalization: $4,548,955,248
Trading Volume: $1,765,653,215
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis November 10, 2022
Litecoin (LTC) price is fluctuating inside a bearish trend zone as it risks a decline to $45 low. Before the cryptocurrency collapses, support is most likely to be found at the breakthrough level of $64. The price of LTC recovered on October 25 and surpassed the 50-day SMA. The altcoin rose to a peak of $73 before dropping. The upward trend that was underway has come to a halt below the $73 resistance level. Currently, the price of Litecoin is below the moving average lines. On the plus side, the breakout level at $64 and the resistance at $73 will be retested or broken if the LTC price increases above the moving average once more. As it gets closer to the 21-day line SMA, Litecoin is correcting upward in the interim.

Litecoin (LTC) Technical Indicators Reading
For period 14, the price of LTC is at level 43 of the Relative Strength Index. Bulls purchased the dips as the price of Litecoin fell to a low of $47. The price bars are below the moving average lines, suggesting that the price of the cryptocurrency may be falling. The daily Stochastic’s level 25 is above the price of LTC. The coin is moving up in price.

Conclusion
Litecoin is undertaking an upward adjustment as it risks a decline to $45 low. LTC had an upward correction during the decline that began on November 8 and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, LTC will drop to the level of the 1.618 Fibonacci extension, or $45.05.

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