Litecoin Recovers and Achieves a High of $116

Key Highlights
Litecoin breaks the resistance at $92
LTC/USD reaches an overbought region


Litecoin (LTC) Current Statistics
Market Capitalization: $9,523,502,396
Major supply zones: $140, $160, $180
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis July 1, 2023
Litecoin (LTC) price recovers and breaks through the $100 resistance level and achieves a high of $116. On June 30, the overhead resistance that had held since February was shattered. LTC price retraced to a low of $83 on June 29 as bulls bought dips.

The coin recovered and smashed through the $100 overhead resistance. At the time of writing, the altcoin is worth $111.81. On the plus side, the coin has entered an overbought zone and may be rejected at the recent high.

However, a retraced candle body tested the 50% Fibonacci retracement level on June 24 upswing. The retracement suggests that LTC will increase to level 2.0 Fibonacci extension, or $115.31. On the downside, the price of LTC will fall above $100, if it faces rejection at the recent high.

Litecoin (LTC) Technical Indicators Reading
For period 14, Litecoin has reached the overbought region at level 73 of the Relative Strength Index. Bullish exhaustion has been reached for the coin. The price bar is above the moving average lines, indicating a rise in the price of the cryptocurrency.

The altcoin coin has soared to an overbought market area. The daily Stochastic level of 80 is being traded above the coin.

Conclusion
Litecoin is currently trading in the market’s overbought zone as it achieves a high of $116. The bullish momentum has paused at the $116 high. On the plus side, if it is rejected at the recent high, the currency will fall and find support at the $103 breakthrough level.

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