Litecoin Reaches the Oversold Region as the Altcoin Holds Above $100

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Key Highlights
LTC price is in a downward correction
LTC/USD is in the bearish trend zone

Litecoin (LTC) Current Statistics
The current price: $104.63
Market Capitalization: $104.63
Trading Volume: $615,254,661
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis April 12, 2022
Litecoin’s (LTC) price is in a downward correction as altcoin Holds above $100. LTC price is below the moving averages which indicates a further decline of the cryptocurrency. Further decline is unlikely as the LTC price falls to the oversold region of the market. The crypto is above the $100 crucial support as buyers attempt to push Litecoin upward. Nevertheless, if buyers break above the initial resistance at $114, LTC/USD will commence a fresh uptrend. On the other hand, the market will resume a range-bound move if the bulls fail to break above the 50-day line moving average. In other words, buyers are defending the $100 support level.

Litecoin Reaches the Oversold Region as the Altcoin Holds Above $100
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC/USD has fallen to level 37 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and approaching the oversold region of the market. Litecoin has fallen below the 20% area of the daily stochastic. It indicates that the selling pressure is ending as buyers emerge in the oversold.

Conclusion
On the 4- hour chart, Litecoin is trading in the oversold region of the market as altcoin holds above $100. The altcoin is now fluctuating above the $102 support. Meanwhile, on April 7 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LTC will fall but reverse at level 1.272 Fibonacci extension or $105.40. From the price action, Litecoin has fallen beyond level 1.272 Fibonacci extension.

Litecoin Reaches the Oversold Region as the Altcoin Holds Above $100
LTC/USD – 4 Hour 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.