Litecoin Reaches an Overbought Region as It Faces Rejection at $80

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Key Highlights
LTC price fluctuates below $80
Litecoin targets the high of $100

Litecoin (LTC) Current Statistics
The current price: $78.99
Market Capitalization: $6,596,308,420
Trading Volume: $776,191,746
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis November 29, 2022
Litecoin (LTC) price is rising but faces rejection at $80. A new upsurge has started as the coin has increased. Litecoin peaked at $83 on November 23 but fell short of the $80 resistance. Litecoin has been oscillating below the $80 high for the past week. On the upside, the market will reach a high of $100 if buyers can overcome the $80 resistance. The market was overbought, nevertheless, just below the most recent high. If Litecoin is rejected in the overbought area, its price can decrease. The alternative currency will initially fall to the $64 breaking point. LTC/USD is trading at $76.71 at the time of writing.

Litecoin Reaches an Overbought Region as It Faces Rejection at $80
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
According to the Relative Strength Index, Litecoin is at level 64 right now. The cryptocurrency is still trading in the bullish trend zone as the market enters the overbought territory. An additional indication that the price of the cryptocurrency will increase is the fact that the moving average lines are higher than the price bars.


Conclusion
The price of Litecoin is rising but faces rejection at $80. The current high of $80 has slowed the bullish momentum. A retraced candle body on the upswing of November 24 tested the 61.8% Fibonacci retracement line. According to the retracement, LTC will increase to level 1.618 of the Fibonacci extension, or $97.02. At the current high of $80, Litecoin’s upward trend has been halted.

Litecoin Reaches an Overbought Region as It Faces Rejection at $80
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.