Litecoin Retraces above the $60 Low but Faces a Potential Fall

Key Highlights
LTC price will further decline to the low of $58
LTC/USD will continue its range-bound move

Litecoin (LTC) Current Statistics
The current price: $61.61
Market Capitalization: $5,174,595,114
Trading Volume: $120,338,851
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis October 15, 2023
Litecoin’s (LTC) price has fallen below the moving average lines but faces a potential fall to the downside. The altcoin started consolidating above the current support on October 12 before rising above the $60 level. Litecoin has only had a slight increase in trading over the last four days.

LTC/USD hit a high of $62 before facing another rejection. The price indicator forecasts that the altcoin will keep decreasing in value until it reaches its previous bottom of $57. The $57 level of support indicates the prior September 11 low. The cryptocurrency will bounce back if the current support holds.

The range-bound move will start in the same vein. The resistance at $68 has been impeding the upward movement since the price collapse on August 17. In the interim, the price movement has remained above the $61 support.

Litecoin (LTC) Technical Indicators Reading
The price bars for LTC are slightly trading below the moving average lines. As long as the price bars are below the moving average lines, the coin will keep falling in value. The price bars are situated between the moving average lines in the smaller time range.

This suggests that the sideways movement of the altcoin will last for a few days.

Conclusion
On the 4-hour chart, the cryptocurrency asset is declining but faces a potential fall to the previous low. The altcoin has been moving in a range between $57 and $68 price levels for the previous two months. According to the price forecast, LTC will fall to $58 low or level 2.0 Fibonacci extension.

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