Litecoin Risks Decline as It Struggles Below the $59 High

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Key Highlights
LTC has resumed its uptrend
It battles the initial resistance

Litecoin (LTC) Current Statistics
The current price: $59.19
Market Capitalization: $4,985,308,233
Trading Volume: $605,746,928
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis July 20, 2022
Litecoin’s (LTC) price is trading in the bullish trend zone as it struggles below the $59 high. The cryptocurrency rallied to the high of $59.33 and pulled back. For the past 48 hours, the uptrend has stalled below the $59.33 high. LTC price is now fluctuating below the resistance at $59. In the previous price action, the bulls could not penetrate the resistance at $59 as the altcoin fell to the low of $47. Nonetheless, if the bulls break the current resistance, the market will rally to $66 and $69 price levels. Conversely, if the altcoin faces rejection at the recent high, it will decline above the moving averages or to the low of $47price level.

Litecoin Risks Decline as It Struggles Below the $59 High
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The altcoin has risen to level 60 of the Relative Strength Index for period 14. It indicates that the LTC price is in the uptrend zone and capable of a further upward move. Litecoin is above the 80% area of the daily stochastic. The market has reached bullish exhaustion as the market reaches the overbought region of the market. Sellers will emerge in the overbought region of the market. The crypto’s price is above the moving average lines which indicates a further rise in the cryptocurrency.

Conclusion
Litecoin has regained bullish momentum as it struggles below the $59 high. The current uptrend has reached the overbought region. Further upward movement of the cryptocurrency is unlikely. On the downside, if Litecoin retraces and breaks below the moving average line, the selling pressure will resume.

Litecoin Risks Decline as It Struggles Below the $59 High
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.