Litecoin Revisits the Previous Low, May Decline to $54 Low

Updated:

Key Highlights
LTC price declines to the previous low
LTC/USD in a range-bound move

Litecoin (LTC) Current Statistics
The current price: $62.60
Market Capitalization: $5,258,014,754
Trading Volume: $739,239,509
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 31, 2022
Litecoin’s (LTC) price is in a downtrend as it may decline to $54 low. The crypto is attempting to resume downward. On the downside, if the price breaks below the $60 support, the LTC price will fall and revisit the previous low at $54. On the upside, LTC price movement has been restricted below the 21-day line moving average. Nonetheless, LTC/USD will continue its downward move to the previous low.

Litecoin Revisits the Previous Low, May Decline to $54 Low
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The recent upward move has pushed Litecoin to level 39 of the Relative Strength Index for period 14. The crypto is in the downtrend zone and capable of a further downward move. The crypto’s price is below the 21-day line SMA and the 50-day line SMA which is responsible for the downward move. Litecoin is below the 40% area of the daily stochastic. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend


Conclusion
Litecoin has continued its downward move as it may decline to $54 low. 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 $50.09 .

 Litecoin Revisits the Previous Low, May Decline to $54 Low
LTC/USD – Daily 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.