Litecoin Slumps Due To Further Rejection At $80.50

Key Highlights
LTC price has fallen to the bearish trend zone
Litecoin targets the previous lows at $74 and $70

Litecoin (LTC) Current Statistics
The current price: $78.25
Market Capitalization: $6,573,161,204
Trading Volume: $397,491,898
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis June 11, 2024
Litecoin is in decline below the moving average lines due to further rejection at $80.50. On June 7, the LTC price fell sharply below the moving average lines, reaching a low of $74.94 before pulling back. The selling pressure is continuing to drive the price down to its prior low of $74.

Since April 14, Litecoin has been trading in a range between $74 and the resistance price of $89 per coin. On the downside, Litecoin has remained above the $74 support for the past two months. This is corroborated by the long candlestick tails, which indicate significant buying pressure above the current support.

Litecoin is now worth $78.11 at the time of writing.

Litecoin (LTC) Technical Indicators Reading
Following the price slump, the cryptocurrency price bars have fallen below the moving average lines. The altcoin has continued to plummet while in a bearish trend zone. The moving average lines have remained horizontally flat due to the sideways trend.

Conclusion 
Litecoin is down after a range-bound move due to further rejection at $80.50. On the 4-hour chart, the altcoin’s range-bound move between $79 and $80.50 was broken as it fell to a low of $76. On the downside, the altcoin might return to its prior low of $74. Meanwhile, the cryptocurrency signal remains negative as it continues to plummet.

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