Litecoin Reaches Bearish Exhaustion as It Falls Above $96 Low

Updated:

Key Highlights
LTC price has revisited the $96 low
LTC/USD will resume upward

Litecoin (LTC) Current Statistics
The current price: $99.10
Market Capitalization: $8,324,548,379
Trading Volume: $723,419,060
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis April 26, 2022
Litecoin’s (LTC) price is in a downtrend as it falls above $96 low. The bears have broken the crucial support at $102 to revisit the previous low at $96. The previous low is the historical price level of March 7. In March, the LTC price rebounded above the previous low as the altcoin broke above the moving averages to reach the high of $134. Today, if the previous low holds, LTC/USD will be compelled to a range-bound move between $102 and $115 price levels. However, further selling pressure is unlikely as the market reaches the oversold region.

Litecoin Reaches Bearish Exhaustion as It Falls Above $96 Low
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to level 35 of the Relative Strength Index for period 14. The altcoin has fallen close to the oversold region of the market. LTC’s price is below the moving averages as the altcoin continues to fall. Litecoin is below the 20% area of the daily stochastic. The market is already in the oversold region of the market. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend.


Conclusion
Litecoin is in a downward move as it falls above $96 low. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LTC will fall but reverse at level 1.272 Fibonacci extension or $85.47. From the price action, the market is hovering above the $96 support.

 Litecoin Reaches Bearish Exhaustion as It Falls Above $96 Low
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.