Litecoin Poises to Surge as It Retraces above $70

Key Highlights
LTC price is trapped in a range
Litecoin is expected to reach the $76

Litecoin (LTC) Current Statistics
The current price: $71.23
Market Capitalization: $5,982,252,716
Trading Volume: $240,206,505
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis January 21, 2024
The price of Litecoin (LTC) is recovering after breaking above the moving average lines as it retraces above $70. The altcoin pulls back, but it remains between the moving average lines. In prior price activity, the bulls broke through the moving average lines.

The bullish momentum reached a high of $77 before being repelled. The altcoin is now worth $71.16. Moving average lines are currently limiting price movement. Litecoin’s positive momentum will return if buyers retain the price above the 50-day SMA.

The altcoin will rise and test the overhead resistance of $76. If bears breach the 21-day SMA, the cryptocurrency will fall sharply. The altcoin will drop to the next support level at $66.

Litecoin (LTC) Technical Indicators Reading
The price bars have become stuck between the moving average lines as a result of the recent upward correction. This suggests that Litecoin’s price will fluctuate as it is caught between the moving average lines. Since the sideways trend began, the moving average lines have remained horizontal.

Conclusion
Litecoin is currently trading in the bullish trend zone as it retraces above $70. On the 4-hour chart, the cryptocurrency price broke above the moving average lines, then retraced and tested their support. This indicates that the cryptocurrency will continue to rise in value.

On the upside, Litecoin will test the overhead resistance of $76.

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