Litecoin Reaches Overbought Region as It Faces Rejection at $92

Key Highlights
Litecoin is trapped between the moving average lines
LTC price regains bullish trend

Litecoin (LTC) Current Statistics
Market Capitalization: $7,663,239,156
Trading Volume: $621,523,520
Major supply zones: $140, $160, $180
Major demand zones: $120, $100, $80

Litecoin (LTC) Price Analysis April 26, 2023
Litecoin (LTC) is making an upward correction but faces rejection at $92. The coin must break above the moving average lines for the trend to resume being bullish. It may be forced to make a range-bound motion if it gets wedged in between the moving average lines. After breaching above the 50-day SMA earlier today, the altcoin is now trapped between the moving average lines. It is now trading for $91 at this moment. The crypto asset will begin to trend when the moving average lines are breached. For instance, LTC is becoming more expensive. If the 21-day SMA is broken, the altcoin will surge to its previous high of $105. At this time, Litecoin is constrained by the moving average lines.

Litecoin (LTC) Technical Indicators Reading
On the Relative Strength Index for Period 14, Litecoin is at level 49. The altcoin has reached the equilibrium price level as a result of the coin’s recent upward rise. The cryptocurrency is compelled to a range-bound zone because the price bars are in between the moving average lines. A market area where Litecoin is overbought has developed. It is higher than the daily stochastic’s level of 80. In the overbought range, sellers will appear, driving prices down.

Conclusion
Litecoin is trading between the moving average lines but faces rejection at $92. The cryptocurrency asset will likely need to move in a range for a few days. Additionally, the coin is probably going to fall as it gets closer to the overbought region of the market.

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