Litecoin Revisits the Barrier at $72 as It May Decline

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Key Highlights
LTC price reaches the high of $70
Litecoin may decline as it reaches the overbought region

Litecoin (LTC) Current Statistics
The current price: $70.30
Market Capitalization: $5,906,393,950
Trading Volume: $414,844,021
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis December 31, 2022
Litecoin (LTC) price revisits the barrier at $72 as it may decline. Despite reaching a high of $70, the cryptocurrency asset is unable to go above the moving average lines. If the price surpasses the barrier at $72 and the moving average lines, the altcoin will resume its positive trend. LTC/USD will increase and peak at $80. If buyers can break over the $72 resistance, Litecoin will move back up to the $80 mark. The market is overbought at the $72 resistance level. In the meantime, the price of Litecoin is now ranging between $60 and $72. If sellers breach the $60 present support, the altcoin will fall. This will cause the altcoin to drop to $47 as a result.

Litecoin Revisits the Barrier at $72 as It May Decline
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is correcting upward at level 44 of the Relative Strength Index for period 14. LTC’s price is on the decline and may continue to do so in the future. The price bars are below the moving average lines, which suggests a potential decline. Litecoin is moving upward over level 25 on the daily Stochastic indicator.

Conclusion
In an upward correction, Litecoin is revisiting the barrier at $72 as it may decline. The decline will pick up again if it is rejected at the moving average lines. On December 19, LTC price saw an upward correction during a bearish trend, and a candle body tested the 78.6% Fibonacci retracement line. The correction predicts that Litecoin would fall but then rebound for $64.39, or the 1.272 Fibonacci extension.

Litecoin Revisits the Barrier at $72 as It May Decline
US30USD – 4 Hour 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.