Litecoin Pushes to the Upsides, Battles the $56 High

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Key Highlights
LTC price revisits the $207 low
It is making upward correction

Litecoin (LTC) Current Statistics
The current price: $54.29
Market Capitalization: $4,566,182,635
Trading Volume: $634,836,263
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis June 22, 2022
Litecoin’s (LTC) price is in a downward correction as it battles the $56 high. Since June 19, the crypto has been restricted below the 21-day line SMA. LTC price will fall to the $41 support if it faces rejection at the 21-day line SMA. The downtrend will resume if price breaks below the $41 support. On the upside, the altcoin will regain bullish momentum, if price breaks above the 21-day line SMA. LTC/USD is trading at $54.27 at the time of writing.

Litecoin Pushes to the Upsides, Battles the $56 High
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has risen to level 46 of the Relative Strength Index for period 14. LTC’s price is in the downtrend zone and capable of falling as it faces rejection at the 21-day line SMA. The crypto’s price is still below the moving averages indicating further price fall.Litecoin is above the 40% area of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend.

Conclusion
Litecoin bulls are attempting to break above the 21-day line SMA as it battles the $56 high. The altcoin will regain bullish momentum if the price breaks above the 21-day line moving average. The altcoin will fall if it faces rejection at the 21-day line SMA. A break below the $40 support will signal the resumption of the downtrend.

Litecoin Pushes to the Upsides, Battles the $56 High
LTC/USD – Daily 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.