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

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 (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.

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