Litecoin Rebounds above the $100 Support, Poises to Resume Uptrend

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Key Highlights
LTC price makes upward correction
LTC price holds above $100

Litecoin (LTC) Current Statistics
The current price: $108.42
Market Capitalization: $9,107,624,623
Trading Volume: $831,239,707
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 9, 2022
Litecoin’s (LTC) price is in a downward correction but poises to resume uptrend. LTC price is attempting to break above the moving averages. Since January 22, LTC/USD has been holding above $100 as buyers defend the current support. As the current support holds, the bulls can push the altcoin to the previous highs. Unfortunately, buyers have failed to keep the price above the moving averages. Today, the LTC price is resuming upward. On the upside, if price breaks above the moving averages, a retest at $140 resistance is likely. Litecoin will regain bullish momentum if the resistance is breached. On the downside, if the altcoin faces rejection at the moving averages, the downward correction will resume. However, the altcoin risks further decline below the current support.

Litecoin (LTC) Technical Indicators Reading
The altcoin is at level 47 of the Relative Strength Index for period 14 as the altcoin resumes upward. The crypto’s price is still below the moving averages indicating a possible fall. The altcoin is above 50% area of the daily stochastic. It indicates that the market is in a bullish momentum but the momentum is unstable.LTC price has been fluctuating below the moving averages.

Conclusion
LTC/USD is in a downtrend but poises to resume uptrend. Meanwhile, on December 4 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Litecoin will fall to level 1.272 Fibonacci extension or $84.50.

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