Litecoin Reaches the Oversold Region as It Fluctuates Above $41

Updated:

Key Highlights
LTC price has plunged to the oversold region
It consolidates above $40

Litecoin (LTC) Current Statistics
The current price: $44.88
Market Capitalization: $3,782,786,996
Trading Volume: $962,323,097
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis June 14, 2022
Litecoin’s (LTC) price is in a downtrend as it fluctuates above $41. For the past 48 hours, the LTC price has been fluctuating above the $41 support. The bearish trend extended to another low as it broke below the previous low at $54. On the upside, the bullish move has been restricted by the 21-day line SMA. Presently, the current price fall has reached the oversold region of the market. The selling pressure has reached bearish exhaustion as buyers emerge in the oversold region. On the downside, the LTC price will fluctuate between $41 and $60 if the current support holds.

Litecoin Reaches the Oversold Region as It Fluctuates Above $41
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to level 25 of the Relative Strength Index for period 14. The crypto is deeply in the oversold region of the market. A further downward movement of the altcoin is unlikely because the market is oversold. The crypto will rise when buyers emerge in the oversold region. LTC/USD is below the 20% area of the daily stochastic. Litecoin is trading 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 downtrend as it fluctuates above $41.It may resume consolidation if the current support holds. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LTC will fall to level 1.272 Fibonacci extension or $50.09. From the price action, the altcoin has fallen to the low of $44 as of press time.

Litecoin Reaches the Oversold Region as It Fluctuates Above $41
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.