Litecoin Revisits Its Previous Low as It Targets the $52 High

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Key Highlights
LTC price risks further decline
It altcoin revisits its previous low at $49

Litecoin (LTC) Current Statistics
The current price: $49.75
Market Capitalization: $562,653,466
Trading Volume: $563,299,317
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis July 5, 2022
Litecoin’s (LTC) price is in a downward correction as it targets the $52 high. LTC price fell from the high of $60 to the low of $49. Buyers have failed to keep the price above the 50-day line SMA after reaching the high of $60. In other words, a further upward move is doubtful. The upward move has been restricted by the 21-day line SMA. On the downside, if the bears break below the current support, the market will decline to the previous low of $44 or $41. LTC/USD has fallen to the low of $48 at the time of writing.

Litecoin Revisits Its Previous Low as It Targets the $52 High
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to level 41 of the Relative Strength Index for period 14. LTC price is in the downtrend zone and there is a possibility of further decline. LTC’s price is below the moving average lines indicating a further decline. Litecoin is below the 20% area of the daily stochastic. The crypto has fallen to the oversold region indicating bearish exhaustion.

Conclusion
Litecoin holds above the previous low as it targets the $52 high. 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 $38.20.

Litecoin Revisits Its Previous Low as It Targets the $52 High
LTC/USD – Weekly 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.