Litecoin Resumes a Sideways Trend as It Faces Rejection at $73

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Key Highlights
LTC price fluctuates below $73 high
LTC/USD in a range-bound move

Litecoin (LTC) Current Statistics
The current price: $68.78
Market Capitalization: $5,776,933,810
Trading Volume: $598,038,666
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 24, 2022
Litecoin’s (LTC) price is now in a sideways move as it faces rejection at $73. The bearish trend has subsided. On May 13, the LTC price corrected upward to the high of $73.46 but was repelled. The $73 resistance was the previous support of the May10 price level. The cryptocurrency is now resuming a sideways move as a result of the rejection. On the downside, the bulls are presently defending the $65 support. Nonetheless, if the bears break below the $65 support, Litecoin will revisit the previous low at $54.

Litecoin Resumes a Sideways Trend as It Faces Rejection at $73
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 39 of the Relative Strength Index for period 14. The price movement has been stable as the altcoin consolidates above $65. Litecoin is above the 50% area of the daily stochastic. It indicates that the LTC price is in a bullish momentum. However, the altcoin is facing rejection at the $73 resistance zone. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend.

Conclusion
Litecoin is now in a sideways move as it faces rejection at $73. The sideways move will continue until there is a breakout or breakdown. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LTC will fall to level 1.272 Fibonacci extension or $36.84.

Litecoin Resumes a Sideways Trend as It Faces Rejection at $73
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.