Litecoin Recovers As It Challenges the $52 Resistance

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Key Highlights
Litecoin recovers from a downtrend
LTC/USD resumes range-bound move

Litecoin (LTC) Current Statistics
The current price: $51.32
Market Capitalization: $4,311,164,090
Trading Volume: $257,885,671
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis October 16, 2022
Litecoin’s (LTC) price has continued to trade in a confined range as it challenges the $52 resistance. Since September 19, the altcoin has been trading between $50 and $56 price levels. The upward moves have been restrained by the 50-day line SMA or the resistance at $56. On the downside, buyers have been defending the current support at $50 for the past three weeks. Meanwhile, on October 13, sellers breach the current support to reach the low of $48 price level. Litecoin has recovered as bulls bought the dips. The coin has resumed its range-bound move between the $50 and $56 price levels. Litecoin is rising to its previous highs. The selling pressure will resume if the altcoin turns down from the moving average lines.

Litecoin recovers as it challenges the $52 resistance
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is in a downward move as it reaches level 43 of the Relative Strength for period 14. The coin risks decline if the price bars remain below the moving average lines. Litecoin is trading above the 25% range of the daily stochastic. It is in a bullish momentum.

Conclusion
Litecoin is trading above the $50 support for the past three weeks as it challenges the $52 resistance. The cryptocurrency will further decline if the current support is breached. On September 19 downtrend; LTC price corrected upward, and a candle body tested the 61.8% Fibonacci retracement level. The corrections suggest that LTC will fall to level 1.618 Fibonacci extension or $46.07 .

Litecoin Recovers As It Challenges the $52 Resistance
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.