Litecoin Remains Stable Above $60 but unable to Breach the Recent High

Updated:

Key Highlights
Litecoin slumps to $59 low
Litecoin recoups above the bullish trend zone

Litecoin (LTC) Current Statistics
The current price: $60.90
Market Capitalization: $5,115,806,204
Trading Volume: $497,858,021
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis August 16, 2022
Litecoin’s (LTC) price has declined above the moving average lines but unable to breach the recent high. The cryptocurrency has been trading above the moving average lines as bulls continue to challenge the resistance zone. On the upside, the altcoin will rally to the high of $69 if the overhead resistance is breached. Similarly, Litecoin will decline if the bears break below the moving average lines. The coin will decline to the low of $47. On the other hand, the cryptocurrency will decline and become range bound between $51 and $64 price levels.

Litecoin Remains Stable Above $60 but unable to Breach the Recent High
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 52 of the Relative Strength for period 14. It indicates that the LTC price is in the bullish trend zone despite its rejection at the overhead resistance. The crypto’s price bars are above the moving average lines indicating a further upward move. The crypto is below 20% area of the daily stochastic. Litecoin has reached the oversold region of the market. Buyers will attempt to push prices upward.


Conclusion
Litecoin’s downward move has reached bearish exhaustion but unable to breach the recent high. Meanwhile, on August 14 downtrend, a retraced candle body tested the 50% Fibonacci retracement. The retracement suggests that Litecoin will fall to level 2.0 Fibonacci extension or level $59.14. The coin has reversed after testing the Fibonacci extension.

Litecoin Remains Stable Above $60 but unable to Breach the Recent High
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.