Litecoin Slumps as Buyers Recoup Above $73 Support

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Key Highlights
LTC price declines to $73 low
LTC/USD is in a downtrend

Litecoin (LTC) Current Statistics
The current price: $81.40
Market Capitalization: $6,835,181,973
Trading Volume: $1,861,282,876
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis May 10, 2022
Today, Litecoin’s (LTC) price has fallen to the low of $73 as bulls holds above $73 support. LTC’s price rebounded to reach the high of $85 and pulled back. Presently, the altcoin is hovering above the $73 support. On the upside, if the altcoin resumes an upward move, it is likely to face initial resistance at the $102 high. The $102 price level was the previous support but is now a resistance. Litecoin will rally above the moving averages if the bears broke above the $102 resistance. The bullish momentum will extend to the high of $130. Conversely, LTC/USD price will be compelled to a range-bound move between $73 and $102 price levels if the bulls fail to break the recent high.

Litecoin Slumps as Buyers Recoup Above $73 Support
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 33 of the Relative Strength Index for period 14. It is in the downtrend zone and it is approaching the oversold region. Also, it is below the 20% area of the daily stochastic. It indicates that the altcoin is trading in the oversold region. The 21-day line SMA and the 50-day SMA are sloping downward indicating a downtrend.

Conclusion
Litecoin is in a downtrend but the altcoin is trading above the $73 support. Meanwhile, on April 30 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that LTC will fall to level 2.0 Fibonacci extension or $73.22.

 Litecoin Slumps as Buyers Recoup Above $73 Support
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.