Litecoin Recovers above $100 Support but Faces another Rejection at $112

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Key Highlights
LTC price confines in between the moving averages
LTC price holds above $100

Litecoin (LTC) Current Statistics
The current price: $107.08
Market Capitalization: $8,984,121,908
Trading Volume: $834,632,348
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 15, 2022
Litecoin’s (LTC) price is above the 21-day line moving average as it faces another rejection at $112. However, the bullish move was repelled at the 50-day line moving average. Litecoin is between the moving averages. The implication is that the market will be compelled to a range-bound move in between the moving averages. Since January 22, LTC/USD has been trading between $96 and $140 price levels. Buyers have been defending the $100 support as Litecoin trades between $96 and $140 price levels. On the upside, if buyers keep the price above the moving average, LTC price will retest the $140 resistance.

Litecoin Recovers above $100 Support but Faces another Rejection at $112
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
LTC/USD is between the 21-day line moving average and the 50-day line moving average. The implication is that the market will resume a range-bound move. Litecoin is below 40% area of the daily stochastic. The stochastic bands are sloping horizontally indicating the sideways move. The market is in a bearish momentum. LTC price is at level 49 of the Relative strength index for period 14. It indicates there is a balance between supply and demand.


Conclusion
Since January 22, LTC/USD has resumed a sideways move between $96 and $140 price levels but faces another rejection at $112. Buyers and sellers are undecided about the direction of the market. Litecoin will trend when the range-bound levels are breached.

Litecoin Recovers above $100 Support but Faces another Rejection at $112
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.