Litecoin Makes Impressive Moves, May Face Rejection at Level $140

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Key Highlights
LTC price faces rejection at $140
Litecoin may retrace to $115 low

Litecoin (LTC) Current Statistics
The current price: $133.52
Market Capitalization: $11,215,814,080
Trading Volume: $1,360,882,581
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis February 8, 2022
Litecoin’s (LTC) price surges ahead as it breaks the resistance at $115 but may face rejection at level $140. The bulls could not sustain the bullish momentum above the recent high. Nonetheless, if the LTC price retraces, it may retrace to the breakout level of $115 price level. The upward move will resume if the support holds. On the upside, LTC/USD is likely to revisit the previous highs of $165 and $150 if the bullish momentum is sustained above the moving averages.

Litecoin Makes Impressive Moves, May Face Rejection at Level $140
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC price is above the 21-day SMA and the 50-day SMA but it may face rejection at the $140 high. It indicates that the market is in the bullish trend zone. Litecoin is at level 61 of the Relative Strength Index for period 14. LTC/USD is now in the uptrend zone and it is capable of a further upward move. In the same vein, Litecoin is trading above the 80% area of the daily stochastic. It indicates that the market has reached the overbought region.


Conclusion
Litecoin made an impressive upward move but may face rejection at level $140. The upward move has reached the overbought region. The cryptocurrency is likely to decline to the breakout level of $115. The uptrend will resume if the support holds.

 Litecoin Makes Impressive Moves, May Face Rejection at Level $140
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.