Litecoin Slumps Due To Further Rejection At $80.50

Azeez Mustapha


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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 Slumps Due To Further Rejection At $80.50
LTC/USD – Daily Chart

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.

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.

Litecoin Slumps Due To Further Rejection At $80.50
LTC/USD – 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.

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