Litecoin Retests the Resistance Line but Falls Short of the $86 High

Key Highlights
LTC price is in the new range
LTC/USD continues to battle the $72 high

Litecoin (LTC) Current Statistics
The current price: $72.16
Market Capitalization: $6,061,507,067
Trading Volume: $338,361,185
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis November 5, 2023
The price of Litecoin (LTC) is rising as it breaks out of the previous range-bound zone but falls short of the $86 high. Since August 17, Litecoin’s price has been trading between $60 and $70. On November 4, the bulls pushed through the $70 resistance level, resuming their bullish momentum.

The upward correction has been stopped at the $72 resistance level. The bulls have been unable to maintain their bullish momentum above the $72 high since October 24. Litecoin will achieve a high of $86.52 or the level 2.0 Fibonacci extension, according to the price indicator.

Litecoin, on the other hand, will decline or be forced to trade in a range if it does not continue to increase. Litecoin will now return to its current range of $66 to $72, where the upward movement has proven futile.

Litecoin (LTC) Technical Indicators Reading
The moving average lines are moving horizontally after the rejection at $72, indicating a sideways trend. The price bars are above the moving average lines, but they periodically dip below and above them. Furthermore, Doji candlesticks were formed following the rejection at the recent high.


Conclusion
LTC/USD is now trading between $66 and $72 following the recent breakout but falls short of the $86 high. Buyers have been unable to break through resistance at $72 for the past week. Meanwhile, the altcoin is rising as it retests the $72 barrier level.

If buyers succeed, the altcoin will rise to a high of $86.

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